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Frances Farm Portfolio offers substantial 2,802-hectare agribusiness footprint

Property Markets / Technology

Australia

Mar 12 2017

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Melbourne, 13 March 2017 – CBRE has been appointed to market for sale more than 2,800 hectares of irrigated cropping and grazing land in Victoria’s Western Wimmera area and the south-east of South Australia.

The Frances Farm Portfolio comprises three farms - Frances, Minimay and Bool Lagoon - covering a total land area of 2,802 hectares near the South Australian and Victorian border.

The Frances property comprises 1,550 hectares and has been historically used for horticultural pursuits, fat lamb production and cropping (primarily cereals and oilseeds). The property comprises approximately 900 hectares developed to centre pivot irrigation, a 2,984 megalitre Groundwater Entitlement and extensively developed infrastructure and improvements.

Minimay covers 647 hectares, with 120 hectares developed to centre pivot irrigation. The property has been utilised primarily for cropping (cereals and oilseeds) and grazing and comprises a 400 megalitre Groundwater Entitlement and basic improvements.

Bool Lagoon comprises 605 hectares, with 260 hectares developed to centre pivot irrigation. The property has historically been utilised for horticultural pursuits, as well as cropping and fat lamb production. Further, the property also comprises a 1,389 megalitre Groundwater Entitlement and a set of cattle yards and sheep yards.

CBRE’s Duncan McCulloch and James Beer have been appointed to sell the portfolio in one line or as separate assets via an Expression of Interest campaign.

Mr McCulloch said: “We expect the Frances Farm Portfolio to generate strong interest from both locals and corporates looking to acquire quality agricultural land, given the current shortage of stock on the market.”

 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue).  The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide.  CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.  Please visit our website at www.cbre.com.

SOURCE: Press Release

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