Australian-owned Archipelago Beef Trust has purchased two cattle stations for more than $60 million from Indonesia's biggest importer of live cattle, Japfa.
The deal goes against the trend of overseas buyers snapping up Australia's major rural land holdings, including China-based Pengxin's imminent purchase of S. Kidman & Co which could turn into a major talking point with Prime Minister Malcolm Turnbull in China this week. 
The privately owned Archipelago Beef Trust acquired Riveren and Inverway Stations located in the Southern Victoria River District of the Northern Territory. The properties cover 550,000 hectares and are carrying about 40,000 head of Brahman cross cattle.
Cattle industry participants will be watching to see if the transaction will settle given Archipelago director Luke Butler is a former bankrupt who once tried to take over the Australian Agricultural Company.
Mr Butler confirmed the transaction and said he looked forward to working with Japfa on trade. "Riveren and Inverway Stations are a key strategic acquisition by Archipelago Beef targeting the continued delivery of healthy Australian bred and produced cattle into the growing Asian live cattle export market," Mr Butler said.
The vendors, Japfa Santori Australia, were represented by Colliers International director for rural and agribusiness Rawdon Briggs. Japfa, a listed company on the Singapore Stock Exchange as well as Indonesia, focuses its operations in Asia's emerging markets including China, Vietnam, Myanmar and India. It was represented by Bruce Warren. Japfa originally purchased the properties in 2013 from the Underwood family for about $35 million. While a sale price was not disclosed it's understood it achieved about $60 million.
Major cattle companies have reported significant uplift in values this week with The North Australian Pastoral Company declaring a 13 per cent increase in land values and the Australian Agricultural Company reporting an $80 million, or 15.8 per cent, increase, in the value of its 18 cattle stations.