As part of its strategy to build up its property portfolio, Australia’s $700 million Consolidated Pastoral Company (CPC) is buying the 178,000 hectares Bunda Station from the Underwood family. The station which is directly adjacent to CPC’s Kirkimbie Station in Western Australia is under contract as the final stages of due diligence are completed. As of March, CPC had $418 million in equity with 19 properties across Australia covering 5.6 million hectares. The purchase reflects the goal of the company, whose private equity owner is London-based Terra Firma, to increase its properties and raise the quality of its cattle, especially after buyers from Indonesia’s Sembawa Breeding Farm selected 200 heifers from the Bunda Station earlier this year to be exported to Indonesia as part of a landmark deal. Currently there are possibly as many as nine stations across Australia’s Northern Territory and Kimberly that are either sold or are in negotiations to be sold, and considering the shifts occurring in the Australian beef sector, completion for stations is increasing.
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