Troy Setter, Chief Executive of CPC.
Consolidated Pastoral Company (CPC), a leading Australian agribusiness, announced the divestment of a non-core station in their portfolio, Nockatunga Station, to Cleveland Agriculture.
Acquired by CPC in 1990, Nockatunga Station is located in the channel country in Queensland’s far South West corner.
Commenting on the sale, Troy Setter, Chief Executive of CPC, said:
“The successful divestment of Nockatunga Station to Cleveland Agriculture, reflects the quality of the station and the potential for further development. Malcolm and his team share our vision for investment in land development and precision pastoral management.”
Malcolm Harris said he looked forward working with the experienced management team at Nockatunga.
The sale of Nockatunga Station, which was predominantly used by CPC for finishing cattle, spans more than 850,000 hectares. The sale includes the cattle, plant and equipment on the station.
Commenting on the sale process underway and providing a business update for CPC, Troy Setter said:
“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. The remainder of our portfolio has strong geographic diversity and remains attractive to buyers as a whole or in parts. The ongoing sale process for CPC has always been and continues to be for the business 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. The business continues to perform well, benefitting 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.