GUNN Agri Cattle Fund has settled the acquisition of the Far North Queensland breeding property, Abingdon Downs, located 130km north of Georgetown.
The 484,000 hectare (1.2 million acre) property was sold by Keough Cattle Company through agent Bernie Frawley of Frawley Rural Services Australia. Gunn also purchased high-quality grey Brahman 27,400 cattle bringing the total cattle herd managed by the fund’s operating company, Cunningham Cattle Company, to 71,500 head.
Gunn Agri chairman Bill Gunn said Abingdon Downs would play an important role in Cunningham’s breeding operations.
Including the Abingdon acquisition, assets under management for its flagship Cattle Fund are expected to reach A$200m.
In a statement issued today, the fund has also released financials for the year to June 30 showing a net asset value at $1.12, up from the inception value of $1.
The statement says the fund’s land portfolio had increased in value by 7.9pc above the FY2017 valuation.
Gunn Agri Partners has established a portfolio of assets across five aggregations ranging from Far North Queensland to the NSW border.
Esmeralda Station, south of Croydon, was settled in February 2016. At 400,000 hectares it is described as a large scale, productive breeding operation. It has been further developed with pasture improvements, improved fencing, improvement of yards and a 30pc increase in the number of watering points.
Young cattle are grown out at properties including the fund’s Katandra aggregation near Hughenden covering 51,598 hectares, which includes both Katandra and Illalong that were settled in the second half of 2017.
Cunningham Cattle Company also expands it capacity to grow-out cattle through long-term agistment arrangements with experienced, large-scale operators.
The fund’s southern operations include the Maranoa aggregation near Roma, settled in December 2015, and operated as a breeding and grow-out operation. It covers 36,095 hectares and includes Ballaroo, Ekari Park and Fairview.
Goodar Station, Goondiwindi, was acquired in March 2016 and provides the portfolio added breeding, fodder production for fattening and cash cropping capability on the 18,338ha property.
Gunn Agri Partners is a farm and asset management company focused on the development and ongoing operation of agricultural assets for institutional and large-scale investors and also undertakes advisory work on horticulture, livestock, irrigated and row cropping. The company says it is progressing investment opportunities in cropping and permanent plantings of almonds in addition to its cattle strategy.