BRISBANE headquartered AAM Investment Group has acquired the farming and grazing rights for two major Northern Territory properties covering a combined 669,183 hectares (1.65 million acres) and 50,000 cattle.
Under the deal struck with North Star Pastoral and agricultural investment company WealthCheck, AAM's Diversified Agriculture Fund will take on the grazing and farming rights of the 147,300 hectare (363,986 acre) Maryfield on the Barkly Tableland and 521,883ha (1.3 million acre) Limbunya in the Victoria River District.
Under the deal ADAF has bought about 50,000 cattle and the plant and equipment on the two holdings in its own right.
The Maryfield and Limbunya aggregation was initially marketed through an expressions of interest process coordinated by Olivia Thompson, Nutrien Harcourts GDL, Katherine, which started in late 2020. Pre-sale expectations had the asset valued in the $150 million to $200 million range at that time.
AAM managing director Garry Edwards said the assets were part of AAM's northern beef cattle supply chain expansion and farming development strategy to increase its NT based breeding herd.
Maryfield is located on the Stuart Highway about 200km south of Katherine and less than six hours from Darwin Port.
Limbunya is located about 650km south west of Katherine on the Buntine Highway.
The properties will be integrated with existing AAM cattle operations in the Katherine - Manbulloo (380,000ha/939,000 acres), Scott Creek (101,000ha/249,576 acres) and Sturt Downs stations (68,000ha/168,032 acres).
Mr Edwards said Maryfield and Limbunya would increase AAM's ability to produce large quantities of young cattle, reducing the company's need to source livestock externally.
AAM also runs a diversified livestock breeding, growing and fattening operation and is investing in expanding farming capacity at both Legune and Spirit Hills in the east Kimberley region of the Northern Territory.
There have been substantial capital improvements on Limbunya to enhance productive capacity with further investment expected over the next five years.
Maryfield is described as a well improved breeding and growing property with a 9800 head feedyard and spelling facilities.
The feedyard will also be made available to outside parties for short and medium term feeding programs as well as being used as a livestock transport depot.
Mr Edwards said AAM would increase fodder production on the Mayfield to help meet the yard's feed requirements.