It has all been a bit of a major shambles..........the proposed sale of the Tipperary Station aggregation to AACo. It finally got knocked on the head after a major board rejig amid all sorts of toing and froing among the major players. The final outcome being that Tipperary was not bundled into AAco, although Futuris did manage to sell down its holding in AACo to overseas interests.
A search on the financial pages will document the sordid details.
But Tipperary Station may have new suitors, if the current financial press is to be believed.
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Brockstar eyes Tipperary Station acquisition
22/06/2009 10:54:00 AM
United States-based portfolio manager Brockstar is in due diligence to acquire the famous Tipperary aggregation of cattle stations in the Northern Territory owned by prominent barrister Allan Myers.
Brockstar director of Australian operations Peter Smith told The Australian Financial Review that he could "not confirm nor deny" that Brockstar had made an offer of up to $140 million for all bar one of the aggregated stations. "We are running the ruler over it at this stage," Mr Smith said.
The US-based Brockstar manages private portfolio investment opportunities and looks at submissions concerning project financing and credit facilities between $US1 million and $US500 million. The group of properties Brockstar is looking at includes the 205,500 hectare Elizabeth Downs, the 194,600ha Douglas Station and the 209,800ha Tipperary, as well as Litchfield.
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There is no doubt that good quality agricultural and pastoral land is valuable, with a lot of overseas operators looking at Australia. Sovereign risk is acceptable, and there are opportunities in northern areas of Australia, especially in comparison to South America or Africa. So watch this space!!
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