Australia’s third-largest superannuation fund sold its Lake Boga aggregation of 38 farms to investment firm goFARM for $30 million, but retained water rights.
Aware Super has sold its Lake Boga farming portfolio in northern Victoria’s Goulburn Murray Irrigation District to agricultural investment firm goFarm for about $30 million, but will retain about $100 million of high-security water rights.
The $150 million combined offering included about 3721 hectares of irrigated farmland and 20,000 megalitres of water rights. Aware Super is a big owner of water rights, which it leases out to nut producers such as Olam and Select Harvest. goFarm, led by chairman Robert Costa, is a joint venture between managing director Liam Lenaghan and Costa Asset Management, the private investment arm of the Costa family . The company purchased the land, plant and equipment at Lake Boga as well as 8167 megalitres of low-reliability water entitlements.In a statement, Aware Super said it had “retained ownership of [12,000 megalitres] high-reliability water rights that were previously part of the portfolio”.
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