Murray River Organics, an Australia-based producer of dried fruit snacks, is selling a portion of land to fruit and vegetable business Costa Group Holdings.

The sale price has been set at AUD4.5m (US$3.1m) for the 390-hectare plot within Murray River’s (MRG) 3,040-hectare Nangiloc farm property in Victoria, including 113 hectares of planted citrus and wine grapes. Final settlement of the deal is expected early next year.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Valentina Tripp, MRG’s managing director, said the capital raised from the land sale will help to pay down debt and support growth in its branded food business. The publicly-listed company also produces nuts, seeds and rice, as well as dried fruit snacks.

Costa will lease the land until the sale is finalised, when it will take responsibility for the operations and management of the parcel to be sold.

The remaining 2,650 hectares of the Nangiloc property is the subject of a feasibility study, Project Magnum, focusing on “optimum crop combinations and a potential localised desalination plant water solution”. 

In 2019, MRG made the strategic decision to reduce exposure to non-core farming assets and accelerate investment in marketing, branding and new product development to increase its share of the growing market for organic products in Australia and internationally. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Phase one of Project Magnum started in October last year and has culminated in the company entering the cannabis market to grow the low-THC strain of organic hemp on the Nangiloc property. It has just reaped 21 tonnes of seeds from its first crop.

MRG also plans to cultivate oats on the site to be used in its organic muesli, with initial planting set for April. It is also studying the prospect of growing almonds, dates and pistachios.