MELBOURNE-based Warakirri Asset Administration and Alkira Farms, a subsidiary of US-based world agricultural funding firm Farmland Reserve, have paid greater than $350 million for one among Australia’s largest privately owned irrigation and dryland farming enterprises.
The brand new strategic partnership between Warakirri and Alkira Farms has secured southern Queensland’s 26,855ha Worral Creek Aggregation, together with 65,900ML of water entitlements.
Worral Creek Aggregation shall be managed by Solterra, a brand new cropping enterprise led by Warakirri’s agricultural government Adrian Goonan on behalf of Alkira.
“Worral Creek offers a turnkey large-scale enterprise, with distinctive irrigation infrastructure and water safety by way of numerous water entitlements and storages, making it an excellent basis asset for Alkira’s funding in Australian agriculture.”
Mr Goonan stated the portfolio shall be managed consistent with Warakirri’s established administration system and holistic strategy to sustainability.
“We prioritise the well being and wellbeing of our folks, sustainable administration practices consistent with world finest apply, and robust environmental and natural-capital stewardship.”
Over the previous 30 years, Warrakirri has constructed a robust presence in Australian broadacre cropping with plenty of massive acquisitions for various institutional purchasers. Below a number of ag-sector funds it holds massive belongings in fruit & nuts, wine and desk grapes, row crops and water entitlements.
Warrakirri Cropping division is one among Australia’s largest grain growers, proudly owning and working a diversified portfolio of large-scale and productive cropping aggregations throughout the northern, southern and western grain manufacturing zones of Australia. The portfolio contains of 11 aggregations totalling 150,000ha, with a balanced distribution throughout manufacturing zones.
Farmland Reserve chief government officer Doug Rose stated the corporate was happy to be working with Warakirri, a revered chief in Australian agriculture, and was wanting ahead to a productive affiliation with the agency within the years forward.
After a prolonged due-diligence course of, JLL Agribusiness director Clayton Smith confirmed the transaction had taken place however was unable to reveal the worth paid.
Nonetheless, when Worral Creek was listed in March 2022, business consultants urged the institutional-grade irrigated cotton asset might obtain between $350M and $400M on a walk-in walk-out foundation.
Worral Creek Aggregation
Meticulously developed over 30 years by well-known cotton growers and cattle producers Robert and Jennie Reardon, the 26,855ha Worral Creek Aggregation was supplied with 65,900ML of water entitlements.
Comprising seven non-contiguous properties throughout 4 hubs between Talwood and Mungindi within the Border Rivers area of Qld, the operation is underpinned by first-class infrastructure, water safety and reliability.
Round 7510ha is developed to bankless, siphon and spray irrigation designed to allow wonderful water recycling and turnaround capability.
An extra 6720ha of dryland farming grows a various vary of cereals and legumes.
The subsidiary livestock enterprise helps 500 breeders plus progeny underpinned by a 999SCU accredited feedlot.
Together with Mr Smith, fellow JLL Agribusiness administrators Chris Holgar and Geoff Warriner dealt with the sale, along with Oxley Capital Companions appearing as transaction advisors.
In the course of the advertising and marketing marketing campaign, Mr Smith stated the mixture of water entitlements, storage and infrastructure made Worral Creek a sexy proposition.
“With greater than 70,000ML of on-farm water storage, wonderful water infrastructure and growth with an in depth suite of plant and gear, the aggregation represented some of the vital irrigated cotton enterprises to hit the market in recent times.”
Worral Creek is situated on the confluence of two main rivers and quite a few creek techniques, enabling the environment friendly seize of water fed by inflows all through the huge Border Rivers catchment.
Persistently producing greater than 75,000 bales of cotton a yr, Oxley Capital Companions managing director Ben Craw stated Worral Creek has traditionally produced common yields of as much as 14.5 bales of cotton per hectare.
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