DomaCom finalises “world first” agricultural buy
Crowd-funder DomaCom announced this week it had finalised its first foray into agricultural assets with a deal giving 90 retail investors a stake in a property in Victoria’s Western Districts pastoral land.
The company said the deal involved the 150-hectare property, “Doyles”, just outside Casterton near the South Australian border and that just to entering into a contract to purchase the property the fund was successful in securing a strong local operator to be the tenant, who would use the property to run beef cattle.
Commenting on the deal, DomaCom’s head of property, Jason Bennett said identification of good operators to work with in the leasing of the property was key to the transaction.
“We are striving to deliver a packaged opportunity to investors to enable them to invest into the rural sector through our platform,” he said.
The company said it was expected that investors would receive an estimated combined income and capital return of 10 per cent a year on their investment, based on historic returns.
DomaCom chief executive, Arthur Naoumidis said the group was “enormously proud” to sign off on its first agriculture crowd-funding project, which had taken about two months to bed down.
“It’s our understanding that this is the first crowd-funding project for agriculture assets anywhere in the world. We knew from the Kidman bid that there was a thirst by ‘mum-and-dad’ investors to acquire agriculture assets, and we have been looking at other properties for quite some time,” he said.
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