13 Oct 2012

Cubbie Station sold

4:41 pm on 13 October 2012

The sale of Cubbie Station, the largest cotton farm in Australia, has been finalised, with Chinese and Japanese investors taking a majority stake.

In a statement on Friday, administrators McGrathNicol said the sale agreement had been signed.

AAP reports that under the terms of the sale, Shandong RuYi - a textile manufacturer owned by investors based in China and Japan - will initially take an 80% stake. That will be sold down to 51% within three years.

The sale was approved by the Foreign Investment Review Board.

The ABC reports Cubbie Station was placed in administration three years ago with debts of about $A300 million.

The property covers 93,000 hectares at the top of the Murray-Darling Basin system.