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Packhorse wrangles first raising for $1.5b cattle and carbon fund
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Packhorse Pastoral Company, which is backed by Canberra Rich Lister Terry Snow, has closed its first capital raising and acquired its seed asset, a Queensland cattle station, as it embarks on a plan to muster a $1.5 billion cattle and carbon fund over the next five years.
The $62.5 million raising helped Packhorse lock in its first acquisition, the 8360-hectare Stuart’s Creek near Roma, in a $30 million deal, bought from private owners. The deal also puts it on the way toward its initial target in its first year of operations of $300 million in agricultural assets, with about 30 per cent of that total comprising debt.
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