Macquarie Group has agreed to buy most of the Australian farm portfolio of Qatar’s Hassad Food, the agricultural arm of the country’s sovereign wealth fund. Neither Macquarie nor Qatar’s state-run news agency gave a price for the deal but the Australian Financial Review reported the deal was worth about $300 million.
In a statement issued on Monday, Macquarie, said the properties comprise more than 100,000 hectares (247,000 acres) of livestock and cropping land in NSW, Victoria and WA.
The farms, which formed the majority of Hassad’s Australian holdings, will be transferred to Macquarie Infrastructure and Real Assets (MIRA) and Hassad will invest in a MIRA managed portfolio, Macquarie said.
“The farms are high-quality assets, which will further our strategy of developing large-scale and diversified cropping and livestock production portfolios in Australia,” MIRA head of agriculture Elizabeth O’Leary said in a statement.
The transaction is expected to be completed before the end of the month, according to a separate statement on the state-run Qatar News Agency.
