Australia’s Foreign Investment Review Board (FIRB) has granted approval for Hewitt Cattle Australia (HCA), which is backed the Canadian Public Sector Pension Investment Board, (PSP Investments) one of Canada’s largest pension funds, to acquire three cattle stations from the gas company, Australia Pacific LNG for an undisclosed amount, according to reports by ABC.net. The acquisition is the third for Hewitt Cattle, and includes three cattle stations – the Strathblane, Wybara, and Scotts Creek, all located north-east of Roma, Queensland, and adjacent to Hewitt’s existing Pony Hill property.

 

Although the financial terms of the deal were not disclosed, the three stations combined are said to be able to run 9,000 head of cattle, and at current regional land valuations equaling $2,000 to $3,000 per beast area, the cost for the three properties could total approximately $20 million.

 

"This transaction offered a great opportunity to acquire assets that were previously owned by the family, HCA director, Mick Hewitt told Australia’s ABC News. "They are great assets in a great agricultural region and frankly we're in a great community and it's in a great part of the world. We are very pleased to have done the deal."

 

This deal, which has been finalized according to Mr. Hewitt, brings HCA’s land bank to approximately 300,000 hectares under management, and the company plans to be running approximately 60,000 head by the end of 2015, up from the current 50,000 head.

 

HCA has seen quite an acquisitive year so far in 2015. This past April, HCA bought the Oakleigh and Stoodleigh properties from Sir Graham McCamley for approximately $13 million, and in July of this year it bought another 31,000 hectares of beef cattle land in Central Queensland. Commenting on the future plans for the company, Mr. Hewitt told Australia’s Financial Review, "We are looking to expand by buying suitable agricultural assets targeting beef cattle production, which complements our existing operations,"