Murray River Organics has sold its table grape property in Merbein, Victoria for $5.5 million in aim to reduce the company’s debt.
The property was sold to Manta Farms, managed by US-based RRG Capital Management, in December, following a lengthy transaction process, which included approval from the Foreign Investment Review Board.
Murray River Organics managing director Valentina Tripp said the sale of its conventional Table Grape property at Fifth Street, Merbein represents a further milestone in the company’s turnaround strategy.
“We are well progressed with our non-core farm asset divestments, which includes the recent sale of our conventional citrus and wine land parcel at Nangiloc to the Costa Group,” said Tripp.
“With this announcement we have now secured over $10 million in non-core asset sales, allowing us to focus on our core organic dried vine farming operations and growing our Murray River Organics branded food portfolio.”
Tripp said the Merbein property had improved its yield from approximately 460 tonnes in 2018 to over 1000 tonnes this season, which was “a fantastic achievement”.
Murray River Organics sold part of its Nangiloc property to Costa Group in September for $4.5 million.