Mormon church, Canada super fund buy farms
An investment arm of Utah based Church of Jesus Christ of Latter-day Saints, commonly known as the LDS Church or Mormon church, has made another major agricultural property play – this time near Forbes.
Kentucky – spreading 6020 hectares with 48 megalitres of stock and domestic title water entitlements – cost $38 million.
The dryland cropping station formed part of a 6438ha aggregation of three non-contiguous holdings, with Roselyn and Warangla East, offered late last year by ASX-listed Duxton Farms.
Initial price expectation were over $45m.
The deal comes less than a month since the church, via Alkira Farms Inc, agreed to acquire the 5694ha North Star Aggregation, between Goondiwindi and Moree, which carried price hopes of over $250m.
Proterra Investment Partners was that seller.
Meanwhile last August Alkira teamed with Melbourne based Warakirri Asset Management to buy the Worral Creek Aggregation, again in Queensland, between Mungindi and Talwood, for $350m.
Kentucky
Duxton Farms chairman, Ed Peter, said the sale forms part of a strategy to reorient the company’ focus away from dryland cropping toward a diversified mix of new development opportunities to “build significant value by elevating and stabilizing the company’s earnings profile in the long term”.
It will invest nationally, he added (story continues below).
“The board’s strategic objective in respect of the company’s New South Wales aggregation is to increase the proportion irrigable land and to provide a greater degree of control of its productive output while allowing the company to redeploy capital into diversification opportunities elsewhere and refining activities of the Operations team in New South Wales,” according to the executive.
LAWD marketed Ketucky, near Lake Cowal in the Wirrinya district, about 30 kilometres south west of Forbes.
PSP buys out Kooba Ag
Meanwhile, ex-Patrick Corporation chief Chris Corrigan and David Fitzimmons, who once headed Webster with Mr Corrigan, have sold their 50.1 per cent interest in Kooba Ag – Hay Aggregation, about 25km west of Griffith.
The buyer is a venture backed by Canada’s PSP Investments – or the Public Sector Pension Investment Board – until now a minority shareholder, which acquired its share via Webster.
Covering 30,000 hectares, growing almonds, cotton, crops and supporting livestock, the 100 per cent stake, including business, is speculated to be worth c$500m.
It will be added to a portfolio also with significant almond orchard near Robinvale, in Victoria, and a majority interest in BFB at Temora, New South Wales, according to the AFR which is reporting the deal.
Mr Corrigan, also an esteemed fund manager, presently on Qube’s board, and Mr Fitzimmons meanwhile hold an almost farm at Darlington Point.
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