Saudi investors pick off 200,000ha WA farm portfolio
The Foreign Investment Review Board has approved the purchase of the largest single parcel of broadacre agricultural land to a Saudi investment fund.
The UK-based Saudi Agricultural and Livestock Investment Company (SALIC) purchased the Nicoletti family’s 200,000ha portfolio in Western Australia’s eastern wheatbelt region for an undisclosed amount, rumoured between $60 million to $70 million.
The parcel of land, known as the Baladjie aggregation, is between Merredin, Mukinbudin, Bullfinch and Southern Cross. It has 76,000ha of freehold cropping land and 134,000ha leasehold land, accommodating sheep and wheat farming business. Also included in the deal is a flock of 40,000 merino sheep and 25 dwellings.
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Salic, owned by Saudi Arabia’s sovereign wealth fund, invests in agriculture, livestock production, and supplies commodities like wheat, barley and corn.
It is the company’s first foray into the Australian market, which it has labelled a priority investment destination.
CBRE Agribusiness’ Danny Thomas and Damian Bryce of map19 brokered the deal.
“The purchaser was drawn to the scale and quality of this property, with it providing an opportunity to expand their platform significantly with geographic spread and also execute on their investment strategies,” Thomas says.
This article originally appeared on www.theaustralian.com.au/property.
