Fund manager, carbon investor team up to buy NT’s Conways Station
Fund manager Sam Mitchell has teamed up with carbon project investor Viridios Capital to buy the 139,200-hectare Conways Station south-east of Katherine for around $20 million.
The property, which borders Arnhem Land and Kakadu National Park, carries 4700 head of cattle and has the capacity to carry up to 5000. It is also home to a large population of wild buffalo, which are mustered and sold to the live export and domestic market.
Mr Mitchell heads up Canberra-based Wealthcheck and is also a co-founder of US private equity firm Aqua Ceres, which has agricultural operations in the US, South America and Australia.
Conways Station in the Northern Territory last sold for about $9 million in 2017.
According to the Aqua Ceres website, the Wealthcheck Group of Companies “runs the Australian operations for Aqua Ceres LLC”.
The acquisition of Conways Station takes Wealthcheck’s Northern Territory portfolio to 1.25 million hectares.
In May, Wealthcheck purchased the 451,200-hectare Benmara Station for $40 million and last year it purchased Limbunya and Maryfield stations, with a combined area of 670,000 hectares for over $100 million.
Wealthcheck was also the preferred bidder for Rich Lister Brett Blundy’s $250 million Walhallow cattle station aggregation, but a deal did not eventuate, and the property remains on the market.
Mr Mitchell did not respond to a request for comment.
His Conways joint venture partner Viridios Capital is led by CEO and founding partner Eddie Listorti, ANZ’s former fixed income boss.
Last year, Viridios wrapped up a $55 million capital raising led by Roc Partners and last month, it acquired a majority stake in climate change consultancy Pangolin Associates.
“Over the past four years we have built one of the world’s leading carbon market businesses, actively working with clients across the globe to mobilise positive action towards net zero,” Mr Listorti said last month.
Property records show Wonga Ag Six, a company whose ownership is split between Mr Mitchell (through an entity called The Edge TC) and Viridios Capital paid $14.5 million for the land component of Conways Station.
The property has frontage to Maiwok Creek, Umbimian Creek, Vilkeri Creek, Baruerikba Creek, Conways Creek and the Waterhouse River.
A separate amount was paid for all the plant and equipment included in the walk-in, walk-out sale. The sale also included around 4700 head of cattle.
Conways Station was marketed with a $20 million all-inclusive asking price by Olivia Thompson of agency LAWD.
Ms Thompson described the market in the NT as “steady”.
“Buyers are a little more cautious, but there is definitely still interest,” she told The Australian Financial Review.
“We’re coming back to a normal market. We don’t have the enthusiastic breakaways making offers way above their competitors any more.”
Northern Territory cattle stations currently on the market include 67,500ha Dorisvale station which has an asking price of about $30 million, 408,662ha Aileron Station and Oolloo Farm and Woolner Station on the outskirts of Darwin.
The vendor of Conways Station was Chinese Australian Dajiang Li who paid $5.8 million for the leasehold in 2017 and about $9 million in total. Mr Li owns infant milk formula maker Funton Holdings.
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