Almond assets

Hillston is located 110 kilometres north-west of Griffith, NSW, and Darlington Point is located 35 kilometres south of Griffith, NSW. The 4,947 ha orchard area includes mature trees and newly planted trees.

See below for further details on the specific properties:

Yilgah

Yilgah is located 20 km north of Hillston and is 6,400 ha in size. Yilgah consists of 1,006 ha of almond orchards planted in 2007 and 2008. The almond plantings, associated infrastructure and water entitlements are leased entirely to Select Harvests Ltd under a 20 year lease arrangement. The lease commenced in May 2010 and expires in May 2030.

The property is supported by 15,090 ML of groundwater entitlements and irrigation infrastructure that enables the delivery of water. A further 959 ha of land at Yilgah has been developed for flood irrigation. The irrigation development includes a central holding dam and an integrated channel system to supply and recycle water.

The remaining land at Yilgah comprises lightly timbered creek frontage and open plains suited to grazing. Parts of Yilgah are often licensed on a short-term basis for cropping purposes depending upon seasonal conditions.

Mooral

On 24 August 2020 Rural Funds Management Limited (RFM) as responsible entity for the Rural Funds Group (ASX:RFF) disclosed that contracts have been exchanged for the sale of the Mooral almond orchard. The sale is conditional on completion of due diligence (within 45 days but subject to possible extensions) and Foreign Investment Review Board approval.

Mooral is located 25 km south west of Hillston and is 3,841 ha in size. Mooral consists of 808 ha of almond orchards planted in 2006 and 2007. Of this, approximately 593 ha are leased to RFM Almond Fund and 215 ha are leased to Select Harvests Ltd.

The remaining 3,033 ha of land at Mooral comprises lightly timbered river frontage, grazing country and 440 ha of irrigated land. The irrigated land is licensed to counterparts depending on seasonal conditions.

The property is supported by 12,120 ML of groundwater entitlements, with a supplementary groundwater entitlement of 3,223 ML.

Tocabil

Tocabil is located 30km north east of Hillston and is 6,900 ha in size. Tocabil consists of 603 ha of almond orchards planted in 2015 and 2016. The property is leased to Olam Australia Pty Ltd until 2037.

The remaining land at Tocabil comprises of lightly timbered river frontage, grazing country and dryland cropping country. Tocabil is supported by 12 ML/ha od water entitlements

Kerarbury

Kerarbury refers to two properties, “Kerarbury” and “Kamelda”, located in Darlington Point, New South Wales, 35km south of Griffith and 140km south of RFF’s existing almond orchards. The properties were purchased by RFF in October 2015 and are leased to Olam Orchards Australia Pty Ltd until 2038.

The property area totals 7,756 ha, with 2,530 ha of almond orchards and supporting infrastructure having been developed.

Kerarbury has three types of water access; Groundwater (Lower Murrumbidgee Groundwater aquifer), Murrumbidgee River and the Kerarbury Channel Scheme and is supported by 11.2 ML / ha per annum.

Property Location Almond orchard planted (ha) Lessee(s) Water entitlements Year(s) planted
Yilgah Hillston, NSW 1,006 SHV
(1,006 ha)
15 ML / ha
groundwater entitlements
2007 & 2008
Mooral Hillston, NSW 808 SHV
(215 ha)
RAF
(593 ha)
15 ML / ha
groundwater entitlements
2006 & 2007
Tocabil Hillston, NSW 603 Olam Orchards Australia Pty Ltd
(600 ha)
12 ML / ha per annum 2015 & 2016
Kerarbury Darlington Point, NSW  2,530 Olam Orchards Australia Pty Ltd
(2,500 ha)
11 ML / ha groundwater, high security and general security entitlements 2016, 2017 & 2018
Total 4,947 ha

¹Number of properties, size and forecast FY21 rent assumes disposal of Mooral (expected to settle Dec 2020). The Mooral almond orchard sale is conditional on completion of due diligence (within 45 days but subject to possible extensions) and Foreign Investment Review Board approval.

²Lease expires weighted by forecast FY21 forecast rental income.