Saudi investment company buys Nicoletti aggregation in WA

ONE of Australia’s largest single parcels of broadacre land has been snapped up by a Saudi public investment fund.

Sold: One of Australia’s largest single parcels of broadacre land has been bought by a Saudi public investment fund. Picture: Alice Mabin

WEST Australian cropping giant John Nicoletti has sold his sprawling farming enterprise to a Saudi public investment fund.

Saudi Agricultural and Livestock Investment Company Australia has announced it purchased the Nicoletti family’s 200,000ha aggregation in WA’s wheatbelt.

No price has been disclosed but the sale had expectations of up to $85 million.

A statement from SALIC Australia, a subsidiary of SALIC KSA, owned the public investment fund of the Kingdom of Saudi Arabia, said the transaction closed yesterday after receiving approval from the Australia’s Foreign Investment Review Board.

It is the company’s first acquisition in Australia.

READ MORE: WHO OWNS AUSTRALIA’S FARMS?

The sale comprises 76,000ha of freehold land and 134,000ha of leasehold country, and also carries 40,000 Merino sheep.

It includes John and Julie Nicoletti’s farming interests and other third-party options, SALIC said.

Selling agent Danny Thomas, from CBRE, said the sale represented an opportunity to acquire one of the largest farming operations in Australia and the nation’s largest single parcel of broadacre land.

“The purchaser was drawn to the scale and quality of this property, with it providing an opportunity to expand their platform significantly with geographic spread and also execute on their investment strategies,” Mr Thomas said.

John and Julie Nicoletti commented on the transaction: “We would like to congratulate SALIC on its acquisition of our business as well as a number of our neighbouring properties. This purchase represents the culmination of a lifetime of work for us and others — and we are delighted that the enlarged business will be stewarded by the SALIC team into the future. Importantly, we are most grateful to our staff for their dedication and loyalty over many years.”

SALIC’s head of production agriculture investments William England said in a statement it would “build on the legacy of John Nicoletti with plans to manage the livestock and grain production enterprise for the long term with a focus on sustainability, profitability, environmental responsibility and support for the local rural community”.