DomaCom and Lloyds partner to buy Kidman Estate
Australia's most expansive and well known pastoral estate, Kidman Station, is set to remain in Australian hands thanks to DomaCom and Lloyds Business Brokers.
DomaCom and Lloyds are stratergising the sperating and buying of the Kidman Estate; while DomaCom is continuing to crowdfund the acquisition of the land, Lloyds is set on negotiating a buyer for the operating business.
DomaCom chief executive, Arthur Naoumidis, said the plan was a positive move that would temporarily prevent Kidman Station being sold to an offshore buyer.
"When you consider we have $75 million from 5,500 investors pledged already, our target is now only $210 million, and as the Federal Government is clearly concerned about Kidman slipping into foreign ownership, then we firmly believe there is a realistic opportunity to buy this massive pastoral station locally," Naoumidis said.
"At a price of $210 million, it would give investors a gross rent of 3.9 per cent in addition to capital growth, low volatility and the opportunity to keep an Australian agricultural icon in local hands."
The entire landholding, including Kidman Station, was initially put up for sale in 2015, with eleven cattle stations and a total area of more than 100,000 square kilometres.
In April this year, Treasurer Scott Morrison announced that he had rejected a bid by Dakang Australia Holdings, after having earlier rejected a bid by related Chinese company, Shanghai Pengxin Group under a national interest clause in the Foreign Investment Act.
"This has been an important development because it means we can now go to potential investors armed with all the facts and figures about Kidman Station and its operating businesses," Naoumidis said.
"There is genuine public interest in keeping Kidman in Australian hands.
AUTHOR
Hope William-Smith
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