This article is from the Australian Property Journal archive
AUSTRALIAN Agricultural Company has sold its wagyu cattle farm to Xstrata for $21.6 million.
The Meteor Downs property is located near Emerald in central Queensland and AAco currently operates the property for breeding cattle.
AAco managing director and CEO David Farley said the sale offered compelling value for AAco shareholders.
“The price agreed with Xstrata Coal is well in excess of the book value of the Meteor Downs property and represents exceptional value for AAco shareholders.
“The sale of Meteor Downs is part of a process of realigning AAco’s property holdings to reflect the ongoing business strategy. Meteor Downs had become a non-core asset. Capital released from the sale of Meteor Downs will be redeployed into other areas of the business, including increasing grazing land to support our northern trading operations and the beef processing facility we are planning in Darwin,” he concluded.
Australian Property Journal
