Australian Agricultural Company is in negotiations to sell up to four of its Queensland cattle stations, worth almost $220 million, by the first quarter of next year, in a move to reduce debt and reinvest in operations.
According to The Australian Financial Review, the potential sales of the properties, understood to include Wondoola, Dalgonally, Kalmeta and Canobie, totalling more than 900,000 hectares, will be conditional on valuations that are under way.
"We are looking at up to $90 to $150 million on just the property values. Altogether with cattle it's probably more like $220 million," Chief executive Stephen Toms told AFR.
It's expected the newly merged $1 billion Macquarie Agricultural Funds Management group would be an interested party.
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