Rob and Tina Vickery sell Bective Station to AAM Investments

A cattle station near Tamworth, owned by just two families since the early 1800s, has been sold for more than $50 million.

After being held by just two families since it was first established in the early 1800s, Bective Station, 20km east of Tamworth, has been acquired by one of Australia’s largest agricultural investors.

It is understood the AAM Investment Group, via its AAM Diversified Agriculture Fund, has paid more than $50 million for the 4053ha land parcel while also acquiring 3000 head of cattle, plant and equipment, and irrigation water licences

The transaction is due to be finalised in mid-November, signalling the end of Rob and Tina Vickery’s five-generation family tenure on the historic northeast NSW station.

The transaction is also a major milestone for AAM with the acquisition taking ADAF’s asset value to more than $600 million across four states.

AAM executive director Nathan Morris, vendors Tina and Rob Vickery and AAM managing director Garry Edwards.

AAM managing director Garry Edwards said Bective Station was a unique large-scale asset in the sought-after Tamworth region, offering AAM a valuable opportunity to secure premium agricultural land.

“AAM is pleased to confirm it has entered into arrangements with the Vickery family to acquire Bective Station on a walk-in, walk-out basis,” Mr Edwards said.

“It is pleasing for me personally that AAM can work with amazing families to create acquisition structures that facilitate transactions and succession planning outcomes on iconic assets that we will now be able to invest in further to create lasting legacies of sustainability and efficient production.

“In 2023, Bective will also become the home of AAM’s new investment focus in agricultural technology innovation and commercialisation program given its unique suitability to multiple supply chain operations on a single asset located 20km from a major regional hub in Tamworth.

“I would personally like to thank Rob and Tina Vickery for trusting AAM with the future of Bective.”

Earlier this year AAM was part of a two-party Australian-based investment group deal to buy and operate the 660,000ha Maryfield and Limbunya cattle station aggregation in the Northern Territory.

Bective Station, which is located 20km east of Tamworth, NSW, has been owned by just two families prior to AAM’s acquisition.

Sydney-based Wealthcheck funds manager Sam Mitchell acquired the farmland while AAM Investments bought 50,000 head of cattle and will operate the farms via a lease arrangement with Wealthcheck.

The sale was worth a reported $175 million.

Mr Edwards said AAM’s recent purchases were part of a plan to grow the diversity of its portfolio, vertically integrate and apply operational scale by securing “exceptional properties”.

Prior to the Vickery family, the only other owners of Bective Station were the Pringle family.

McCulloch Agencies managing director Daniel McCulloch managed the Bective Station sale.