Consolidated Pastoral Company has continued the divestment of its portfolio with the sale and leaseback of a cattle station in the Northern Territory to a consortium with domestic and foreign interests.
Agri Investor understands that CPC has agreed to sell Manbulloo Station for approximately A$25 million ($17.4 million; €15.5 million) and immediately lease it back from the buyer in order to be able to keep running cattle on the property.
Manbulloo Station covers 379,130 hectares and has frontages to both the Katherine and King rivers. It has a carrying capacity of approximately 20,000 head of cattle.
The identity of the buyer has not been disclosed but it is understood to be a consortium comprising both Australian and overseas investors. The terms of the lease have also not been disclosed.
A CPC spokeswoman declined to comment on the deal.
CPC is owned by UK-based private equity firm Terra Firma and its portfolio is now down to nine properties.
Chief executive Troy Setter said in April that CPC continues to be “actively engaged” with buyers interested in its portfolio “as a whole and in parts.”
Manbulloo is the seventh property to be sold since CPC put its portfolio of northern Australia cattle stations on the market in March 2018.
The divestment process began in October 2018 with the sale of Nockatunga Station in Queensland to Cleveland Agriculture for around A$50 million, followed by the sale of three cattle stations in NT and Western Australia to Vietnamese investment group Clean Agriculture and International Tourism for A$135 million.
Hear from CPC chief executive Troy Setter
CPC chief executive Troy Setter will be speaking at the Agri Investor Australia Forum on June 19.
The Australia Forum will see the most influential agribusiness leaders, investors, regulators, producers and advisors come together to discuss the challenges facing Australian agriculture, and the factors driving the innovation to overcome them.
To see the full programme and find out how to secure your place, click here.