Dashang buy Glenrock Station, Scone

Dashang buy Glenrock Station, Scone
Dashang buy Glenrock Station, Scone

Chinese retail and supermarket giant Dashang Group's subsidiary, Australia Aulong Auniu Wang (AAAW) has taken a caveatable purchasing interest in the Glenrock Station near Scone in the Hunter Valley.

It was reportedly sold earlier this year for $45 million, with the paperwork not yet formally registered.

Dashang, based in China's northern port city of Dalian, has also purchased the prime 1100-hectare rural property Clear Hills near Captains Flat outside Canberra. 

Dashang's reported intention in Australia is to become the No.1 importer of Australian beef into China.

It also wants to be the first Chinese company to import live cattle from Australia under the recently signed live cattle export deal.

The 30,868-hectare Glenrock Station grazing property neighbours James Packer's Ellerston estate. 

After FIRB approvals, Dashang have maintained the farm team at Glenrock, with the aim of running between 10,000 and 15,000 Angus head on the property.

Glenrock, the Scone district pastoral station, last traded in 2005 when bought by then Babcock & Brown managing director Phil Green and Tricom brokerage firm founder Lance Rosenberg in a syndicate that paid $23 million.

The syndicate purchased Glenrock from Compagnie de l’Occident pour la Finance et l’Industrie, a Luxembourg corporation with interests in financial management, banking, property and ­agriculture.

According to past ASIC filings, Green owned 51% of the property's holding company Glenrock Station Pty Ltd, and its directors include Claymore Capital's Anton Rosenberg (whose wife Sharron is also a shareholder) and former Babcock & Brown's Paul Platus, who now works with Green at advisory firm, Alceon.

The other shareholders are Grace Mutual chief Andrew Tyndale and property developer Alan Cardy, the second largest with 25%.

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Property Sale Rural Sale

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