Hancock Agriculture has bolstered its agribusiness portfolio with the acquisition of Split Rock Dairy, a 1,981ha property north of Manilla, New South Wales.
The company owned by Australian billionaire Gina Rinehart said the purchase was consistent with its growth strategy and would complement its existing backgrounding properties while enhancing its production of 2GR-branded fullblood and pure-bred wagyu.
Hancock Agriculture did not disclose the purchase price of the acquisition.
Split Rock Dairy – to be rebranded as Buena Vista – will join Hancock Agriculture’s recent acquisitions of the 8,371ha Ottley Station in NSW and the 10,029ha Moolan Downs Aggregation in Queensland, both bought from Packhorse Pastoral Company earlier this year.
These earlier purchases were similarly focused on supporting the growth of Hancock’s wagyu production.
A market source told Agri Investor at the time that the purchase price for the Ottley Station and Moolan Downs assets was in the region of A$80 million ($52 million; €49 million).
The latest purchase of Split Rock Dairy property included both irrigated and dryland cropping land, with 366ha irrigated through 11 pivots.
In a statement, Hancock said the acquisition will be integrated into its portfolio with an eye to invest in technology and initiatives to improve employee safety and animal welfare.
The property will boost Hancock’s east coast wagyu operations, including the world’s largest fullblood and pure-bred wagyu herd, the company added.
According to its website, Hancock’s total wagyu herd currently sits at more than 12,000 head.