Giant US-based financial services group TIAA's Westchester is tipped to be buying the Toowoomba-based FK Gardner's substantial rural FKG Group’s holdings in southern Queensland, for more than $40 million.
Regarded as the biggest farming operation on the inner Darling Downs FKG Group is expected to lease the properties back from Westchester for up to three years according to The Australian Financial Review.
The Gardner farmland holding, near Brooksted, includes about 29 properties, covering nearly 11,000 hectares in the Cecil Plains and Bongeen area.
FKG also leases former Prime Ag Australia farmland bought by TIAA's Westchester after the former ASX-listed company was delisted.
Last year Westchester Agricultural Asset Management, bought a major part of northern NSW cropping property Milton Downs from large-scale graingrower, Ron Greentree’s Greentree Farming for about $50m.