Listed Singaporean food company, QAF has sold its Oxdale dairy farm to European pension fund-backed corporate dairy, ACE Farming.
The sale – which went through for close to $5 million – was confirmed by ACE Farming founder, Jeremy Bayard, and marks QAF’s exit from the Victorian dairy industry.
"We are pleased to add this farm to the portfolio," Bayard told The Australian Dairyfarmer.
"We continue to add to our portfolio as part of our ongoing and measured growth program. We firmly believe in the Australian dairy industry, as do our investors."
The Oxdale farm brings ACE Farming’s portfolio up to a total of 17 farms across Victoria, making it the largest Australian mainland dairy producer.
There has been an increase in interest from European pension funds in the Australian dairy industry of late. In August this year, Murray Goulburn confirmed that it had sourced $20m from a Scandinavian pension fund to purchase nine dairy farms which have now been leased to the dairy co-operative.
"The superannuation funds are interested in the sector," Murray Goulburn’s managing director Gary Helou said at the time.
"They like the concept of Australian and New Zealand milk going into Asia."