SINGAPORE agribusiness giant Olam International has snapped up 3853ha and 48,259 megalitres of permanent water for $160 million from the Timbercorp Primary Infrastructure Fund.
The fund was owned by unit holders including former Timbercorp director Rob Hance.
The assets had been quarantined from any claim by the receivers of Timbercorp and its subsidiaries.
However TPIF was reliant on lease income from Timbercorp companies and investors to meet repayments to its senior lender the ANZ Bank.
Once this income dried up, the bank lost patience with attempts to restructure the fund and called in receivers PricewaterhouseCoopers on September 17.
Olam's acquisition adds to 8096ha of Timbercorp orchards and 40,825 megalitres water Olam agreed to purchase for $128m from Timbercorp Limited in September.
Olam chief executive Shekhar Anantharaman said the company aimed to be a global leader in the almond industry.
