RFF’s cattle assets are leased to DA and JF Camm Pty Ltd (Camm) and Cattle JV Pty Ltd (CJV)

Key details of the leases are outlined below:

Lessee Lease type Payment frequency Indexation Mechanism Rent review Capital commitments
Cattle JV Pty Ltd Property Quarterly in advance Annual CPI & cattle price adjustment (Eastern Young Cattle Index), with 150bps ceiling Five year market review – R&M on account of lessee
– Capital expenditure on account of lessor
Cattle JV Pty Ltd Herd lease Quarterly in advance Annual cattle price adjustment mechanism n/a – Herd maintenance on account of lessee
DA and JF Camm Pty Ltd Property Quarterly in advance 2.5% per annum Five year market review – R&M on account of lessee
– Capital expenditure on account of lessor
JBS Australia Pty Ltd Property Monthly in advance CPI No – R&M on account of lessee

– Capital expenditure on account of lessor

Cattle JV Pty Ltd

CJV is a wholly owned subsidiary of Rural Funds Management and is structured to accept investment with suitable joint venture partners (e.g. processors seeking to secure supply).

CJV has employed property managers for each of the three properties with 80 years’ combined experience in livestock operations and management. The personnel have worked on the properties being purchased or within the immediate region.

CJV aims to increase the carrying capacity, weight gain and calving rates on the three properties. The herd lease rental indexation includes an Eastern Young Cattle Index (EYCI) adjustment mechanism (up to an additional 150 basis points above a base rate) providing RFF with some exposure to the benefits of higher cattle prices.

DA and JF Camm Pty Ltd (Camm)

DA & JF Camm Pty Ltd (Camm) operate an integrated cattle business, the Camm Agricultural Group (CAG). Operating since 1978, CAG is a cattle breeding, backgrounding and finishing business. The business operates nine properties, including a 9,100 Standard Cattle Unit1 capacity feedlot.

The business runs approximately 35,000 breeding, backgrounding and feedlot cattle, with Natal, the property leased from RFF, the primary breeding location for CAG.

JBS Australia Pty Ltd

JBS Australia is Australia’s largest cattle processor domestically and has a daily processing capacity of 8,000 cattle and 21,000 smallstock. It is a subsidiary of JBS S.A., the largest protein processor globally. Listed on the Sao Paulo Stock Exchange, JBS S.A has a market capitalisation of approximately AUD$9b and revenue of AUD$62b. It is the world’s largest beef producer, leather processor, chicken producer and second largest pork and lamb producer. The company has more than 400 production facilities and 235,000 employees.

Stone Axe Pastoral Company

Stone Axe Pastoral is a Wagyu cattle breeding enterprise which operates three properties in the New England region of New South Wales, as well as a property in the Kojonup region of Western Australia.

The company has operated since 2014, and is majority owned by ROC Partners, a private equity firm formed in 2014.

Katena Pty Ltd

Katena Pty Ltd operates a Queensland-based cattle business.

Elrose Enterprises Pty Ltd

Elrose Enterprises Pty Ltd is a Brahman cattle stud business seeking to expand operations.


1A Standard Cattle Unit is equivalent to an animal with a liveweight of 600kg. Source: National Beef Cattle Feedlot Environmental Code of Practice, Meat and Livestock Australia, 2012.