BRETT BLUNDY PUTS $230M CATTLE STATIONS UP FOR SALE
BRETT BLUNDY PUTS $230M CATTLE STATIONS UP FOR SALE
Australian billionaire businessman and former chairman of BB Retail Capital, Brett Blundy has joined mining magnate Gina Rinehart in looking to take advantage of record-high beef prices and soaring farmland values and listed two Northern Territory stations worth about $230 million.
In 2015, Brett Blundy’s private investment firm, BBRC, bought Cresswell from Macquarie’s Paraway Pastoral Co for about $100 million, including 48,000 head of cattle. He bought Amungee Mungee a year earlier for about $6.5 million.
In February 2021, Mr Cameron of Bentleys International Advisory negotiated the $104 million sales of the Northern Territory’s famous Wave Hill Station to the MacLachlan family’s Jumbuck Pastoral, in a deal backed by Rich Listers the Wilson family, founders of Reece Group.
The properties are over 1 million hectares on the Barkly Tableland east of Daly Waters, Walhallow and Amungee Mungee have a current-carrying capacity of about 130,000 adult equivalents in normal seasons.
The two properties offered for sale are:
1. Walhallow, including Creswell Downs, covers just over one million hectares, on the northern end of the Barkly Tableland, being offered with about 53,000 head of Brahman cattle plus this year’s calves/weaners. This aggregation has a carrying capacity of 95,000 AE. It is understood Walhallow is valued at more than $160 million as a going concern.
2. Amungee Mungee, 317,000ha in the Daly Waters region, which is currently running 24,000 Brahman cattle plus this year’s calves/weaners. In normal seasons the property has a carrying capacity of 35,000 AE. Amungee is valued at more than $65 million on the same basis.
The two properties are regarded as some of the best improved and performing beef cattle assets of their type in the industry, on a very large scale. The key objective was to reduce grazing radius down to about 2km, with Amungee set out in grid form in 1600ha (4000ac) blocks. The holdings feature about 670 watering points and 2600km of fencing infrastructure provides the ability to control grazing and manage cattle efficiently. There was scope to make further infrastructure improvements to lift carrying capacity an information dossier said.
Ben Cameron & Brendan Goulding of Bentleys International Advisory have been appointed to advise the partners through this expression of interest sale process.
Mr Cameron said a sale process involving non-binding expressions of interest would seek indicative bids by 13 July. From there, the partners will choose a shortlist of potential purchasers to progress to the due diligence phase of the process.
“Weather permitting we expect to seek final binding bids in late September 2021,”
He stated that “They have commenced the [Walhallow and Amungee] sale process with non-binding expressions of interest due in early July 2021. From there, the partners will choose a shortlist of potential purchasers to progress to the due diligence phase of the process. Weather permitting, we expect to seek final binding bids in late September 2021.”
Mr Cameron said a sale process involving non-binding expressions of interest would seek indicative bids by 13 July. From there, the partners will choose a shortlist of potential purchasers to progress to the due diligence phase of the process.
REFERENCES:
- Blundy puts $230m NT cattle station portfolio on the market
By Larry Schlesinger
- $230m expectations for NT’s Walhallow and Amungee Mungee
By Beef Central
- Brett Blundy
From Wikipedia, the free encyclopedia
https://en.wikipedia.org/wiki/Brett_Blundy
- $230M CATTLE STATION SALE
By Gary Shipway
https://www.pressreader.com/australia/nt-news/20210616/281698322696756