SELX Pty Ltd sell Mortlake and Yass saleyards to Regional Livestock Exchange

A Western District saleyard and another in southern NSW have been sold to a multi-billion dollar investment fund. See the details.

Two privately owned saleyards in southern Australia have changed hands after a multi-billion infrastructure investment fund purchased SELX Pty Ltd’s Mortlake and Yass saleyards.

Via Regional Livestock Exchanges (RLX), Palisade Investment Partners has purchased the entirety of the South Eastern Livestock Exchange (SELX) at Yass and the Western Victoria Livestock Exchange (WVLX) at Mortlake, the investment fund said in a statement.

The price of the acquisitions remains undisclosed however, the Yass development, opened in 2016, cost $15 million, while the Mortlake project cost $16 million and was opened in 2018.

The deal signals the end of the SELX venture by a consortium of six families, including Yass producers Brendan Abbey and Colin Medway.

Mr Medway said the family consortium had decided it was time to move on from the saleyards.

“We thought there was a need for the saleyards before they were built and the consolidation of saleyards had been a long-term trend,” the rural real estate identity said.

The Mortlake saleyards open in 2018 after a $16 million build. Picture: Zoe Phillips

“Basically bringing in larger numbers brings more buyers and more competition.”

Mr Medway said he was very proud of both facilities and their legacy.

RLX chief executive officer Brett Freer said the Yass and Mortlake sites were well suited to the existing RLX portfolio.

“The acquisition provides RLX with the opportunity to optimise the performance of both SELX and WVLX, as well as the existing RLX portfolio through operational synergies and economies of scale,” Mr Freer said.

The RLX network of livestock saleyards spans eight sites handling more than 820,000 cattle and 2.3 million sheep annually.

As well as sites in Northern NSW and Queensland, RLX via Palisade, own the Northern Victoria Livestock Exchange at Barnawartha, the Central Victorian Livestock Exchange at Ballarat and the Corangamite Regional Livestock Exchange at Camperdown, just 25 minutes from the Mortlake saleyard.

AAM Investment group had been the manager of RLX saleyards, but their 15-year partnership ended last year, with AAM wanting to focus on their growing portfolio of agriculture businesses and assets.

During SELX’s short history the company wasn’t without controversy, with one of its directors, Rohan Arnold, sentenced in early 2020 to a maximum of 27 years and a minimum of 19.5 years for his role in the second-largest cocaine importation into Australia.