Investors build Angus empire in northern Victoria and NSW

A group of investors have spent tens of millions of dollars buying dairy, grain and beef properties and converting them to beef cattle production.

A GROUP of investors, including a top rural real estate agent and a former significant West Australian farmer, are building a large Angus and Wagyu cattle breeding empire in northern Victoria and NSW.

The investors have spent tens of millions of dollars buying dairy, grain and beef properties and converting them to beef cattle production.

The group is led by CBRE real estate guru Danny Thomas and Western Australia’s once largest grain grower Giovanni Basilio “John” Nicoletti.

They are directors and owners of Ulupna Pastoral Co Pty Ltd, which has bought more than 30 properties in Victoria and is negotiating the purchase of others in NSW.

The investors are also leasing two properties bought by irrigation farm investor gofarm Australia with the intention of eventually buying them.

Mr Thomas’ investment is on a personal basis and CBRE is not involved in the venture.

Mr Nicoletti sold his WA cropping land – including some leasehold land – to the Saudi Agricultural and Livestock Investment Company in April last year for a reported $75-$85 million.

Mr Thomas managed the sale through CBRE.

Within months of the deal being concluded, on May 31 last year, Mr Nicoletti and Mr Thomas formed Ulupna Pastoral Co.

Mr Thomas said he built a relationship with Mr Nico­letti when he sold some of his WA farms to CK Life Sciences about six or seven years ago on a sale and leaseback basis.

“More recently, I sold the remainder of his farms, including the leases, to SALIC. John was going to retire at the end of that but he saw what I was doing with Ulupna Island and a couple of other places and said there was a real opportunity to consolidate farms.

“So the whole thing was a bit of an accident, actually.”

Mr Nicoletti faced charges for drug cultivation on farmland in the 1990s, along with a number of co-accused.

He was convicted on March 26, 1997, for cultivating cannabis and conspiring to cultivate cannabis with intent to sell or supply the drug to others. He was sentenced to 5½ years in jail, but served about 16 months.

Mr Thomas said he was aware of the drug convictions.

The properties bought by Mr Thomas, Mr Nicoletti and other investors include Ulupna Island Station at Ulupna on the Murray River, and farms owned by former National Party candidate Peter Schwarz at Numurkah and former dairy farmer Barry Croke at Naringa.

Ulupna Island was bought by Mr Thomas, his wife Kate Adams and friends, the Cowan and Sagar families, nearly two years ago. It is owned through Ulupna Island Pty Ltd.

Ulupna Pastoral Co has bought more than 30 farms – mostly dairy farms – near Katunga, Ulupna, Strathmerton, Numurkah and Invergordon.

Mr Thomas said they would be run in four hubs, producing Angus and Wagyu F1 weaners.

He said one farm would remain as a dairy operation.

The Weekly Times was unable to contact Mr Nicoletti.