Some reports have predicted the portfolio could be sold for as much as $700 million.
The move has followed the death of the company’s founding director.
AFA is a large-scale, diversified agricultural business established by the late Colin Bell in 1993 with the acquisition of the historic Burrabogie station.
Since 1993, three marquee aggregations have been formed within the Deniliquin, Hay and Coonamble districts of NSW.
Within these aggregations are some of Australia’s most iconic properties that have played leading roles in Australian agricultural history.
The Deniliquin aggregation consists of Boonoke, Wanganella, Peppinella, Barratta, Zara and Warriston.
The Hay aggregation includes Burrabogie, Mulberrygong, Kolora, North Cobran and Wahwoon.
The Coonamble properties are Wingadee and Netherway.
AFA chairman Alastair Provan said the sale represents “a once in a generation opportunity for a buyer to take custodianship of these iconic and highly productive Australian properties, supported by highly experienced management and staff that have driven the growth of the business”.
“AFA has been built over the last 30 years to be a major Australian agribusiness and holds the largest diversified agriculture portfolio in New South Wales,” he said.
“Following Colin’s death, the shareholders have made the reluctant decision to sell their shares in the Company to enable estate planning and the restructure of the affairs of the major shareholder.”
AFA’s aggregations total approximately 222,000 hectares of land, including:
• About 86,500 hectares of native grazing pastures that support one of the largest livestock operations in NSW;
• About 23,700 hectares of dryland cultivation, primarily in the Coonamble aggregation; and
• About 11,500 hectares of irrigation layouts in Deniliquin and Hay.
To support its operations, AFA owns more than 54,000 megalitres of water entitlements from the Murrumbidgee and Murray systems.
AFA has continued to invest in the enhancement and integration of the properties over its stewardship.
Most recently it has included the development of the state-of-the art Conargo Feedlot at Peppinella, with a total capacity of 12,000 SCU.
Bell Potter Securities Limited is acting as exclusive financial advisor in the sale of the company.
The sales process is expected to commence next week.
It will involve the initial submission of indicative offers, followed by negotiations with a shortlist of prospective buyers.
Please send any enquiries to afa@bellpotter.com.au.
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