Larry Schlesinger Financial Review: 6/10/17
One of Australia’s largest irrigated farming properties, Gundaline Station in the NSW Southern Riverina, has been listed for sale with expectations in excess of $65 million.
The almost 15,000-hectare cotton and cropping property fronting the Murrumbidgee River near Carrathool is being offered by Southern Agricultural Resources Limited, which acquired Gundaline in 2014 for $25 million from Financial Review rich lister John Kahlbetzer’s Twynam Agricultural Group.
Southern Ag, a locally managed fund backed by Australian and European institutional investors with a focus on irrigated row crops, has invested heavily in Gundaline over the past three years, more than doubling the area under irrigation to 6000 hectares as well as improved the water storages and irrigation infrastructure.
With its cotton growing capacity substantially expanded and the remaining 9000 hectares primed for permanent plantings like almonds, Southern Ag is looking to sell out of Gundaline and return a tidy profit to its investors.
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