Middle Eastern food company Hassad Australia has announced the sale of 18,000-hectares in three large aggregations across New South Wales and South Australia.
Two of the sales took place in South Australia. CBRE negotiated the Glendale Aggregation, a dry land cropping aggregation spanning more than 3,000 hectares, located approximately 29 kilometres north-east of Clare.
It is suited to growing wheat, barley, canola, lentils and legumes, as well as grazing livestock.
CBRE’s Phil Schell said the Glendale Aggregation received interest from all market segments, including local farming groups, intra and interstate farming families exploring geographic diversity, and institutional groups.
“A number of local adjoining and nearby farmers ultimately purchased all of the assets, indicating the continued confidence that local buyers have in this region, noting all purchases were on cash terms with little or no conditionality,” he said.
Hassad Australia chief executive John McKillop said the sale would allow the company to “rebalance their portfolio” by further diversifying and strengthening Australian operations, and providing an opportunity for the production, processing and marketing of premium agricultural products.
Hassad announced in August they would be selling its remaining farmland in South Australia from their portfolio, which was at the time valued at nearly half a billion dollars.
Hassad owns 40 properties across five Australian states but recently sold one in Queensland and another on the border of Victoria and SA.
The sales followed an earlier transaction of properties in Victoria and Queensland, where the divestments are in preparation for the next phase of the company’s investment strategy that will see further investment in lamb and grain marketing.
Hassad Australia Pty Ltd was established in November 2009 as Qatar-based Hassad Food Company’s first overseas investment.