By Gerelyn Terzo, Global AgInvesting Media

One of the largest institutional farmland portfolios in the southern hemisphere could soon be on the move. Paraway Pastoral Company , a sprawling agri-business built by Macquarie Asset Management, is being readied for sale, with early estimates reportedly placing its value between A$2.5 billion and A$3 billion (US$1.65 billion to US$1.98 billion). If completed, the transaction would mark one of the largest agricultural deals in Australian history by value, land area and notoriety.

GAI News has learned that a letter was sent to investors on July 21 confirming that following a strategic review and investor consultation, Macquarie will be commencing a process to bring Paraway Pastoral to the market.

Paraway Pastoral Company operates as a wholly owned entity within an agricultural investment fund overseen by Macquarie Agricultural Funds Management, a specialist arm of Macquarie Asset Management, which in turn is a division of the broader Macquarie Group. According to reports, Macquarie has informed its investors roster of its intent to explore a potential sale, though a formal process has not yet launched. The move comes amid rising global appetite for institutional-scale farmland, particularly platforms offering diversified exposure to livestock, cropping and carbon-linked natural capital.

Since 2007, Macquarie Asset Management has transformed Paraway Pastoral Company into one of Australia’s largest agricultural landholders. The strategy has been to expand Paraway into a vertically integrated juggernaut managing over 4.4 million hectares (10.87 million acres) across 28 stations in Queensland, New South Wales and Victoria, with operations spanning beef, sheep and broadacre cropping. Today, it runs 250,000 head of cattle and 220,000 sheep, positioning it as a multi-commodity powerhouse.

In the north, flagship cattle stations such as Davenport Downs and Rocklands offer expansive Mitchell grass rangelands ideal for breeding and backgrounding, forming the cornerstone of Paraway’s northern beef strategy. These properties are complemented by grass-finishing sites like Paradise and Newstead in northern New South Wales, which round out the supply chain by efficiently fattening livestock on grass..

South of the Queensland border, Paraway operates a range of mixed-farming and dual-purpose assets including Ulonga, Oxley and Old Bundemar. These holdings integrate cropping and livestock production to optimize cash flow and hedge against seasonal volatility. The company’s expansion into Victoria, through properties like Barton and Beckworth Court, extends its reach into high-rainfall zones that are conducive to preparing sheep and cattle for market.

Paraway’s commitment to genetics and premium livestock quality is evident by Pooginook Station, the Merino stud property that launched its operations. Located in the Riverina, Pooginook remains central to Paraway’s wool and lamb programs and has expanded over time through strategic bolt-on acquisitions like Stud Park North.

Across its entire footprint, Paraway has pursued a clear strategy: build a regionally diversified, vertically integrated network capable of delivering high-quality livestock and grain at institutional scale. That vision, backed by Macquarie Asset Management, has positioned the company as a dominant player in Australia’s ag landscape and a compelling target for global capital.

Early indicators suggest Macquarie may seek a single-block transaction, aiming for institutional buyers with scale, such as sovereign wealth funds, pension-backed platforms or global agri-businesses. The timing coincides with persistent global interest in Australian farmland, as investors seek exposure to natural capital, food security and carbon-linked value creation. Paraway’s scale, infrastructure and long development runway make it a rare offering in a tightly clung to asset class.

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