The open plateau country of "Rippling Water", near Jingellic, is mostly sown to clover and phalaris pastures and is ideal for cattle breeding.
THE $US7 billion London hedge fund CQS Management set up by the Australian businessman Michael Hintze has bought a rural property from the receivers of failed timber operator Willmott Forests.
The Michael Hintze Pension Fund (MHPF) has spent almost $80 million since late 2007 on cropping and livestock property in NSW, including farms belonging to Nick Taylor, a director of Australian Agricultural Company and its former chairman.
The fund's latest acquisition is the 1734 hectare property Rippling Waters near the small town of Jingellic, NSW, in the Upper Murray. MHPF paid $5.7 million for the farm, The Australian Financial Review reports.
View Larger Map
The property was sold at auction through Landmark Wagga Wagga and will be managed by Growth Farms Australia as a lamb breeding operation.
The deal mirrors that of Australia's second-largest sheep grazier, Tom Brinkworth, who has bought six properties from the receivers of failed timber company SFM Australasia for lamb production.
The Australian Financial ReviewSource: http://www.afr.com