Property

Daybreak steps into Queensland with $25m Kinbeachie buy

Grain Central, March 11, 2019

DAYBREAK Cropping has expanded into Queensland with the purchase of Kinbeachie at Toobeah from One Tree Agriculture for a rumoured $25 million.

Toobeah aggregation Kinbeachie has sold to Daybreak Cropping.

The holding was purchased in January.

It is located 50 kilometres west of Goondiwindi and features frontage to the Barwon Highway and the Weir River.

Now known as Kinbeachie Farms, it comprises Kinbeachie, Morville and Birribindibil, which cover 9192 hectares in total, including 7350ha of dryland cropping country. The non-cropping area can be used for grazing.

“Daybreak is pleased to add Kinbeachie Farms to the portfolio because of its scale efficiencies, proximity to demand from domestic feed markets and flexibility with both summer and winter cropping options,” Daybreak Cropping’s chief executive officer, Will Heath, said.

“In addition, Kinbeachie Farms is the first asset for Daybreak Cropping in the Northern Cropping zone and therefore provides diversification to the portfolio.”

The Toobeah district’s annual average rainfall sits at around 500-550 millimetres, with approximately 30 per cent of it falling in the winter-crop growing season which runs from April to September.

The Daybreak website said while Kinbeachie Farms was suitable for opportunity summer cropping, it would focus on capturing summer rainfall and using it to grow canola, wheat, barley and chickpeas over winter.

Daybreak Cropping is a national broadacre cropping business which has been established as a result of a partnership between Warakirri Asset Management (Warakirri) and the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers

One Tree Agriculture recently sold Kinbeachie to Daybreak Cropping.

It is managed by Warakirri Asset Management, and is a superannuation and investment vehicle.

Kinbeachie is the fourth aggregation Daybreak has acquired, joining Catumnal Farms in northern Victoria, Waddikee Farms in southern Western Australia, and Caringbah Farms on the southwest slopes of New South Wales in the portfolio.

One Tree Agriculture bought Kinbeachie in 2016 from the Australian Pastoral Group.

Agents for the Daybreak purchase were CBRE Agribusiness’ Danny Thomas and Simon Cudmore, who conducted an expressions-of-interest campaign on behalf of the vendor.

 

 

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