Australian Agricultural Company (AACo) will pay $27.1 million for two Northern Territory cattle stations as it prepares to open an abattoir in Darwin next year.
Contracts have been exchanged for the sale of Labelle Downs and Welltree stations near Litchfield National Park, about 180km south of the Northern Territory capital.
AACo acting chief executive Craig White said while the land would comprise just 1.6 per cent of its total land holdings, the purchase would be beneficial as the company opened a new abattoir in Darwin in the second half of 2014.
"While the land size is relatively small, the purchase is strategically significant for the company," he said in a statement.
"The properties will help to ensure continuity of supply to the facility through both wet and dry seasons."
The two adjacent tracts of land, together spanning 99,400 hectares, have been bought from the RM Williams Agricultural Holdings which was placed into receivership in June.
Its receiver PPB Advisory announced it had exchanged the sale contracts on Wednesday, after the market had closed.
"The two perpetual pastoral leases offer a unique combination of ranging upland areas and vast floodplains, and this was reflected in the level of interest in the sales and marketing campaign," PPB Advisory partner Greg Quinn said in a statement.
The sale does not include cattle but comes with plant and equipment.
The land has the capacity to hold 20,000 to 25,000 adult cattle.
Former News Limited chief Ken Cowley had previously run RM Williams Agricultural Holdings, which was formed in May 2009.AACo shares gained one cent to $1.125 at 1129 AEDT.