Bottle tree country on Rewan, in the Arcadia Valley

MANAGED agricultural investment trust, Rural Funds Group, has exchanged contracts for the sale of five important Queensland and New South Wales agricultural assets for a combined figure of $255.6 million.

In an announcement to the ASX today, RFG said the sales cover four cattle properties and a New South Wales river water entitlement with a combined 2025 book value of $208.3m.

This means the divestments achieved an average 22.7 percent premium over book value.

The transactions include the showcase Central Queensland cattle properties Rewan, Wyseby and Cerberus, Victoria’s Cobungra Station, as well as the NSW river water entitlement.

• Rewan sold for $106.9m, compared with a December 2025 book value of $72.8m.
• Cobungra sold for $52.9m, compared with $50.3m.
• Wyseby sold for $43.2m, compared with $35.1m.
• Cerberus sold for $34.1m, compared with $26.2m.
• A 2500ML NSW river water entitlement sold for $21.3m, compared with $21.1m.

Will Caldwell and his family, believed to backed by an investment group, have paid more than a $150m to expand with the neighbouring Rewan and Wyseby properties.

The Acton Cattle Co, which currently leases Cerberus, is understood to have secured the property.

Cobungra Station is understood to have sold to a foreign investor who plans to transition the property from grazing into forestry.

Foreign Investment Review Board approval is still required for the Cobungra purchase, while the other asset sales are unconditional. Settlements are expected to occur in the first half of calendar 2027.

In its explainer issued to the ASX this morning, Rural Funds Group said the sales were in line with RFM’s stated strategy to dispose of assets to reduce gearing to within RFF’s target range of 30-35pc.

The asset sales also satisfy the preceding condition to increase the RFG’s guarantee to J& F Australia Pty Ltd (JBS) from $160 million to $200 million when required by JBS.

Here’s a summary of the assets sold:

Rewan

In March, after ten years of ownership, RFM listed Rewan, a showcase cattle backgrounding and finishing enterprise in Central Queensland, with expectations above $73m.

Set against the Carnarvon Ranges, the 17,479ha vertically integrated beef enterprise is located 55km south of Rolleston and 170km north of Roma. It comprises 14,323ha of freehold land and 3156ha of rolling term state forest lease.

Wyseby

In June 2023, RFM in partnership with the Caldwell family from NSW paid $61m on a walk-in walk-out basis for Wyseby, an 18,500ha blue-ribbon property in Queensland’s Central Highlands.

Later it was revealed RFM paid $37m for a 57.25 percent tenant-in-common stake for the portion known as Wyseby West.

Regarded as some of Australia’s best buffel grass and forest cattle country, Wyseby is in the Arcadia Valley near the Carnarvon Ranges, 62km south of Rolleston. It was sold with close to 3500 Santa cattle, including 1450 mature breeders.

Santa cattle on Wyseby in Central Queensland – sold this week for $43.2m

Caldwell family

The Caldwell family owns and operates Milwillah, a seedstock aggregation on the south-west slopes of NSW, specialising in Angus, Brangus and Ultrablack genetics for domestic and export markets.

It is also involved in a mixed farming, cotton and water development joint venture in south-west Queensland.

In 2023, brothers Hugh and Will Caldwell described Wyseby as a once-in-a-lifetime opportunity that complemented the family’s existing holdings.

They said a northern base for Ultrablack and Angus genetics would help expand the family’s breeding program and support the finishing of steers and bulls on grass and grazing crops.

“It is also an opportunity to continue larger scale artificial insemination and embryo transfer programs.”

Cerberus

In August 2018, RFG outlaid $10.8 million bare of stock for 8280ha Marlborough district cattle breeding and backgrounding property Cerberus, pictured above, 140km north-west of Rockhampton.

Since acquisition, RFG said improvements in farming infrastructure including fencing and cattle yards, as well as improved water access and pastures, has resulted in increased weight gain and weaning rates.

In May 2022, Clarke Creek Energy entered a 25-year lease for a portion of the property to build wind turbines. This area is remnant vegetation that is unsuitable for cattle grazing.

Cobungra

In October last year, Rural Funds Group offered the standout Victorian high-country grazing property Cobungra Station to the market with a bare of stock price somewhere in the mid-$50 million range.

Spanning 31,292ha, Cobungra is one of the largest contiguous rural holdings in Victoria, capable of running 50,000DSE.

Located in the Victorian Alps region at the foothills of Mt Hotham, 9km from Omeo, Cobungra is a showcase grazing holding which also supports a lavish homestead and lifestyle complex and grounds.

Cobungra Station

Purchased in 2019 by RFG for $35m bare, it was subsequently leased to prominent Wagyu supply chain, Stone Axe Pastoral for 10 years.

Under RFG’s management through Rural Funds Management, the property has benefitted from significant capital investment in pastures, infrastructure and water systems.