CATTLE giant Australian Agricultural Company (AACo) will pay $8 million for an aggregation of the Pell Airstrip and Tortilla properties near Darwin.
AACo has already operated on the properties for a number of years on an agistment basis.
The properties total 5473 hectares and settlement is scheduled for July.
The freehold properties are 90km south of Darwin and 50km south of AACo's processing plant, known as the Northern Beef Processing Facility, which is under construction and on track to start operations in September.
In a statement released today, AACo managing director and chief executive officer Jason Strong said the properties would act as a key hub for the company's activities in northern Australia.
Located on the Stuart Highway, the properties have year-round access and AACo says they will enable the company to sort and hold cattle, whether they're destined for backgrounding on La Belle and Welltree stations, processing at the new plant, or for the live export trade.
In May, AACo announced a $39.9 million loss after poor seasonal conditions hit the company's pastoral operations.
However, its Branded Beef division posted a 329 per cent increase in gross profit to $17m - up from $4m in the corresponding period last year.
