Saudi Agricultural and Livestock Investment Company (SALIC) has purchased Australia’s largest single parcel of broadacre agricultural land – the Nicoletti family’s 200,000ha portfolio.
CBRE Agribusiness’ Danny Thomas, together with Damian Bryce of map19, managed the sale process for the Baladjie aggregation, which comprises 76,000ha freehold cropping land and 134,000ha leasehold land in Western Australia’s eastern Wheatbelt region.
The Baladjie aggregation is a large scale, fully operational sheep/wheat farming business accommodating a minimum sheep flock of 40,000 Merino Ewes, plus rams and progeny. It consists of John and Julie Nicoletti’s farming interest and other third-party options.
The transaction has received approval from Australia’s Foreign Investment Review Board (FIRB).
Mr Thomas said the sale represented an opportunity to acquire one of the largest farming operations in Australia and the nation’s largest single parcel of broadacre land.
“The purchaser was drawn to the scale and quality of this property, with it providing an opportunity to expand their platform significantly with geographic spread and also execute on their investment strategies,” Mr Thomas said.
John and Julie Nicoletti commented on the transaction: “We would like to congratulate SALIC on its acquisition of our business as well as a number of our neighbouring properties. This purchase represents the culmination of a lifetime of work for us and others – and we are delighted that the enlarged business will be stewarded by the SALIC team into the future. Importantly, we are most grateful to our staff for their dedication and loyalty over many years.”
The aggregation, which is located between Merredin, Mukinbudin, Bullfinch and Southern Cross, also features structural improvements including more than 25 dwellings, 12 shearing sheds, machinery and storage.
Nova Legal provided legal representation for the vendor throughout the process.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
