The much anticipated sale of seven Hancock Agriculture cattle stations is almost complete, Elders has confirmed.
Hancock Agriculture and its S. Kidman and Co joint venture partner put 1,876,000 hectares across Western Australia and the Northern Territory on the market in March.
Elders head of agribusiness investment services Mark Barber said expressions of interest had closed and prospective buyers had been asked to submit their "best and final" offers last week.
"The response has been good and should be very encouraging for the northern beef industry," he said.
Mr Barber said the sale result should be known within "the next few weeks".
The portfolio, with its beef cattle herd of approximately 108,500 head plus progeny, also included a feeding, export depot and farming operation located near Katherine in the Northern Territory.
It has the capacity to turn off up to 45,000 head of cattle per annum.
Elders had welcomed offers for all or part of the portfolio and canvassed both local and international markets for buyers.
Hancock Agriculture intends to retain and grow its remaining substantial portfolio, which includes operations in Queensland, South Australia, New South Wales and the Northern Territory.
Hancock's east coast Wagyu operations will continue to grow through additional production and broadacre cropping properties.
Through Hancock Agriculture, mining magnate Gina Rinehart owns more than 30 properties and is the second largest beef producer in Australia.
Hancock Prospecting acquired the S Kidman and Company cattle properties for $386.5 million in 2016 in a joint venture with Chinese partner Shanghai CRED.
Marian Macdonald
Writing for farmers in the Stock & Land, The Land, Queensland Country Life, Stock Journal and FarmWeekly, farming in Gippsland.
Writing for farmers in the Stock & Land, The Land, Queensland Country Life, Stock Journal and FarmWeekly, farming in Gippsland.
