Hassad Australia, the wholly owned subsidiary of the Qatar Investment Authority’s Hassad Food, has sold its 47,677-hectare Telopea Downs aggregation in a “record sale,” Elders Real Estate has confirmed.
Elders announced that fifth-generation, family AJ & PA McBride had purchased the asset in an off-market transaction, bringing it back into Australian hands.
Price was not disclosed, but Elders described the deal as “one of the largest transactions ever undertaken in Victoria.” Financial details are subject to a confidentiality agreement until September, it said.
Australian media reports have placed the price at A$70 million ($51.4 million; €44 million). Hassad Australia declined to comment.
Telopea Downs, an aggregation of 11 properties across the Victoria-South Australia border, is primarily a sheep breeding and trading station, with some ancillary cropping and cattle operations.
Agri Investor reported last week that Hassad Food is poised to divest stakes in the majority or all of its other remaining properties as part of a shift in strategy. The company has sold several other properties in recent months, including the 125,000-hectare Clover Downs aggregation in south-western Queensland and the 8,500-hectare Raby Station near Warren in New South Wales.
AJ & PA McBride, one of Australia’s largest wool producers, owns nine grazing properties in South Australia.
“It’s a good fit with our portfolio and long-term strategic plan and is the largest increase in the size of the company since the acquisition of Wilgena in 1924,” said AJ & PA McBride chairman Keith McBride.
“The acquisition will complement our strength in wool production and may provide some short-term stock trading opportunities as well as long-term pasture improvement potential to enhance productivity on the property.”