Farmland Reserve鈥檚 subsidiary Alkira Farms, with the support of Australian agriculture manager Warakirri Asset Management, has acquired a broadacre cropping portfolio in southern Queensland.
The value of the Worral Creek portfolio was not disclosed but it is understood that the asset changed hands at 鈥済reater than A$300m鈥� (鈧�184m).
Worral Creek is spread across five properties, totalling around 26,000ha and a mix of irrigation and dryland cropping in a traditional grain and cotton growing region.
The partners have established Solterra, a new cropping business, to oversee Worral Creek under Adrian Goonan, Warakirri鈥檚 investment director, agriculture.
Goonan said: 鈥淲orral Creek provides a turnkey large-scale enterprise, with exceptional irrigation infrastructure and water security via a large number of water entitlements and storages, making it an ideal foundation asset for Alkira鈥檚 investment in Australian agriculture.
鈥淭he current vendors [Robert and Jennie Reardon] have been very astute farmers, acquiring and developing a world-class portfolio of farms and a rare and strategically valuable water portfolio over the past three decades.鈥�
Farmland Reserve CEO Doug Rose said: 鈥淲e鈥檙e pleased to be working with Warakirri, a premier, respected leader in Australian agriculture. We look forward to a productive association with them in the years ahead.鈥�
Warakirri manages more than 200,000ha of Australian agricultural land across nearly 90 property aggregations for institutional and wholesale investors, valued at more than A$3bn.
Farmland Reserves, the US$265bn (鈧�239.4bn) agriculture investment arm of the Church of Jesus Christ of Latter-day Saints, owns approximately 370,000ha of farmland across Nebraska, Oklahoma, and Florida.
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