Fifth generation family-owned company AJ & PA McBride Pty Ltd has agreed to purchase ‘Telopea Downs’ from Qatar’s sovereign wealth fund-owned Hassad Australia, bringing the iconic 47,677-hectare property back into Australian hands.
Elders Real Estate has confirmed the sale of the aggregation of eleven properties, spanning the Victorian/South Australian border, which represents one of the largest transactions ever undertaken in Victoria.
“It’s a good fit with our portfolio and long-term strategic plan and is the largest increase in the size of the company since the acquisition of Wilgena in 1924,” says AJ & PA McBride Chairman, Keith McBride.
The aggregation is primarily disposed of as a sheep breeding and trading station, together with ancillary cropping and cattle operations.
“The acquisition will complement our strength in wool production and may provide some short-term stock trading opportunities as well as long-term pasture improvement potential to enhance productivity on the property.”
The transaction was executed off market and brokered by Elders General Manager Real Estate, Tom Russo.
“It is wonderful to see a highly respected Australian family business acquire the aggregation in what is a truly visionary move that reflects the ever-growing confidence in Australian primary production,” Mr Russo says.
Until settlement in September, the financial details of the transaction are subject to a confidentiality agreement.
“As the company approaches its centenary of operations, our vision of a strong, united and profitable family owned company remains as true today as one hundred years ago,” Mr McBride says.
“The acquisition of Telopea Downs will grow the company for the benefit of future generations of our family.”
Now in its tenth decade of operations, AJ & PA McBride is one of the largest wool producers in the nation. ‘Telopea Downs” will add to its nine grazing properties around South Australia as well as viticultural and commercial assets.
Having begun operations in 1920, all shares in AJ & PA McBride are still held by descendants of the founders, and the board of the company now has a director in the fifth generation on the family.
Also published: Australian Financial Review