CPC divestment ramps up with Nockatunga Station selling

BREAKING: THE divestment of the Consolidated Pastoral Company has begun.

CPC’s Troy Setter.

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 125 km 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.

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 business 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.

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.”