Australian Agricultural Company Ltd
(ASX:AAC) will sell its Brighton Downs station in Queensland as part of the company’s strategic reorganisation of land holdings.
The beef cattle company has not disclosed the value or target price of the asset, advising that it will go to auction on 8 December.
Brighton Downs is a 420,000 hectare station that currently accounts for 5.5 per cent of Australian Agricultural Company’s land holdings.
Managing director and CEO David Farley says the sale of Brighton Downs is part of the process of adjusting the company’s property holdings to suit its strategic refocus on live cattle exports.
Brighton Downs was purchased by Australian Agricultural Company in 1950 and was first owned by the Bank of New South Wales from 1895 to 1915. The earliest available record of the property is dated from 1875.
Australian Agricultural Company reported a net loss of $12.2 million for the six months to 30 June, improving from an even greater loss the year before.
