MIRA buys Australian farm portfolio from Qatar's Hassad Food
Macquarie Infrastructure and Real Assets (MIRA) has acquired a portfolio of Australian farms from the agribusiness investment arm of the Qatar Investment Authority.
IPE Real Assets understands that MIRA is paying around AUD300m (€184.9m) to buy the assets from Hassad Food Group.
The Hassad livestock and cropping properties are located across New South Wales, Victoria and Western Australia. They will add more than 100,000 hectares to MIRA’s existing platform.
The Qatari assets are to be merged with MIRA’s agriculture business in Australia.
Hassad will, in turn, invest in one of MIRA’s agricultural portfolios to maintain its long-term commitment to Australian primary production.
MIRA’s head of agriculture, Elizabeth O’Leary, 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.”
She said MIRA had extensive experience in Australian agriculture.
“As one of Australia’s largest diversified farmers, MIRA manages more than four million hectares of farmland, and has built and managed its agricultural platform over more than 10 years.”
Hassad’s CEO, Mohamed bin Badr al-Sadah, said the investment (in the MIRA portfolio) would enable Hassad to maintain its long-term commitment to Australian primary production.
“This agreement will reinforce Hassad’s strategy aimed at supporting the country’s (Qatar’s) food security efforts. Hassad will supply the local market with meat products in case of shortage or need,” he added.
The transaction with MIRA is said to be in line with Hassad’s strategic review of its business and enables Hassad to reposition its Australian agricultural investment activities.
“Hassad will continue investing in this market in line with its new strategy to explore more downstream opportunities,” a Qatari group statement said.
“Hassad sees MIRA as a long-term partner and hopes to do more business with them in the future.”