Mormon Church’s investment fund secures mammoth SE QLD aggregation
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The investment arm of the Mormon Church has secured the expansive 26,885 ha “Worral Creek Aggregation” in southern Queensland.
Melbourne-based Warakirri Asset Management, in partnership with Alkira Farms, a subsidiary of US agricultural investment giant Farmland Reserve, has acquired one of Australia’s largest privately owned irrigation and dryland farming operations in deal tipped to be worth between $300 million to $350 million.
The vendors, Robert and Jennie Reardon, are renowned cotton and cattle farmers who offered the portfolio, including seven properties utilised for the production of cotton, crops and cattle, as well as significant water entitlements, totaling to 65,900ML.
The purchasers, Utah-based Farmland Reserve is backed by the Church of Jesus Christ of Latter Day Saints, also known as the Mormon church, will add the southern Queensland holding to their extensive farmland portfolio which his largely based in the US and Latin America.
The seven properties within the aggregation are located between Talwood and Mungindi. The Reardon family acquired “Worral Creek” in 1990 and have significantly developed the portfolio during their over 30-year tenure.
The “Worral Creek Aggregation” will be managed by Solterra, a new cropping business led by Warakirri’s agricultural executive Adrian Goonan on behalf of Alkira.
Content retrieved from: https://www.queenslandcountrylife.com.au/story/8751021/mormon-church-buys-worral-creek-for-more-than-350-million/.
