AUSTRALIA’s biggest wheat grower, Greentree Farming, has reportedly sold a major part of its northern NSW cropping farm, Milton Downs, near Bellata to US agricultural investment company, TIAA Westchester.

According to a story in today’s The Australian Financial Review, the deal is estimated to be in the vicinity of $50 million and involves a 10,000-hectare parcel of land in the south-eastern part of the Milton Downs aggregation.

The overall property was placed on the market more than two years ago in conjunction with another property, “Boolcarrol”, with expectations the aggregation could sell for between $150 and $200 million.

Milton Downs has had numerous prominent owners including the Kahlbetzer family’s Twynam Group and Dick Honan’s Manildra Group which once owned and developed Milton Downs.

Greentree Farming is owned by Ron Greentree and Ken Harris.

TIAA Westchester has purchased well over $1 billion worth of rural land in Australia in the last seven years.

Parties close to the reported transaction said they could not comment when contacted by Grain Central this morning.