CPC’s Nockatunga sells
First cab off the rank in CPC divestment sale
THE divestment of the Consolidated Pastoral Company has begun.
CPC has announced the sale of Nockatunga Station, a property situated in the channel country in Queensland 125km west of Thargomindah, to Cleveland Agriculture.
CPC chief executive Troy Setter said the sale reflected “the quality of the station and the potential for further development”.
“Malcolm (Harris) and his team share our vision for investment in land development and precision pastoral management,” he said.
Mr Harris said he looked forward working with the experienced management team at Nockatunga.
When CPC, which is majority owned by European private equity firm Terra Firma, was first announced for sale the advertisement said the business was being offered “as a whole or in parts”.
The Australian-managed cattle empire has about 400,000 head of cattle on 16 stations, eight of which are in the Northern Territory, and it also operates two Indonesian feedlots.
It’s estimated the full portfolio is worth about $1 billion.
“The sale of Nockatunga Station at a strong premium to net asset value reflects the quality of CPC’s properties and their investment history and potential,” Mr Setter said.
According to CPC’s website, Nockatunga has an average annual rainfall of 234mm, and two thirds of the property is under mitchell grass.
“In a good season the property is capable of turning off 10,000-12,000 feeder steers/ox with average capacity levels of around 22,000,” the website states.
Nockatunga was acquired by CPC in 1990 and is currently being used to finish bullocks from Isis Downs, Mimong as well as the bussines’s Northern Territory stations.
Mr Setter reiterated the remainder of CPC would continue to be sold “as a whole or in parts”.
“While there have been some challenging conditions in some areas of Australia, CPC’s geographically diverse portfolio positions the business well in the current market and season,” he said.
“The business continues to perform well, benefiting from investments in properties and genetics, as well as our Indonesian supply chain and strong demand dynamics for beef in Asia and around the globe.”
❝ While there have been some challenging conditions in some areas of Australia, CPC’s geographically diverse portfolio positions the business well... — Troy Setter