University of Adelaide sets up $50m agriculture endowment fund
The University of Adelaide has established a new $50m endowment fund to support in perpetuity capital works and research in agriculture.
The fund has been set up following the purchase of the remaining 1614 ha of Martindale Farm at Mintaro by a local farmer.
The combination of Martindale Farm (4143ha), Munduney Station at Spalding (7513ha) and Moralana Station, north of Hawker (61,817ha) has realised gross proceeds of more than $50 million.
University of Adelaide Vice-President, Services and Resources Mr Paul Duldig said investing the proceeds of the three properties into a dedicated endowment fund demonstrates the University's firm commitment to research and education in agriculture and animal sciences in keeping with the wishes of its benefactors.
"Teaching and research are our business, not operating commercial farms. We have been able to turn these assets into serious investment in the future of agriculture and animal sciences," Mr Duldig said. "This is through expanded infrastructure for research and teaching and increased research capacity at both our Waite and Roseworthy campuses."
"Agriculture remains one of the cornerstones of education and research at the University of Adelaide and this endowment fund will help us maintain our position among the world's leading researchers in this area, tackling some of the major issues facing the sector."
Mr Duldig said the University was very pleased to be establishing such a major endowment fund. "These properties came to the University through generous bequests and we are delighted that the realisation of these bequests has allowed us to invest so significantly in the future of South Australian agriculture and animal sciences, just as they wished," he said.
"All properties have gone to South Australian owners for the benefit of local communities, and the results achieved reflected the high quality of facilities built and property maintenance over the years."
In May 2010, existing property user BTG Australasia bought the first part of Martindale Farm (1564ha) ensuring the continuation of the South Australian pharmaceutical operation.