ONE of Australia’s largest agricultural portfolios is about the hit the market, with Macquarie Asset Finance announcing plans to put Paraway Pastoral up for sale.

A spokesperson for the company confirmed reports that Macquarie had sent a letter to investors informing them of plans to put Paraway on the market – with no commitments to a sale at this stage.

Paraway is one of Australia’s biggest agricultural companies, with pastoral, cropping and feedlot operations spanning from the Gulf country in Queensland to Central Victoria.

Most of the early media reports have suggested that Macquarie is looking for a single buyer of Paraway, rather than splitting the company up and selling single assets like other corporates like Stanbroke have done in recent decades.

If the company is sold in its entirety, offshore pension funds who have been active in Australian agriculture or other corporate investors are the most likely candidates for the sale – with the price tag expected to be in the billions

According to its website, Paraway Pastoral Co owns 28 properties across 4.4m hectares. It has more than 220,000 head of cattle and 250,000 sheep. Some of its stations include the well-known Rocklands and Gregory Downs in Queensland’s Gulf country, Davenport Downs and Tanbar in the Channel country and the Pooginook sheep stud in New South Wales.

Macquarie has been the owner since 2007, starting off purchasing land in the Riverina area of New South Wales before expanding north and south.

In 2015, the company broke records when it sold Wallhallow in the Northern Territory to Australian billionaire Brett Blundy for $100m.

In 2023 put three of its New South Wales properties, Burmah, Borambil and Pier Pier, on the market – with Borambil and Burmah selling for $43.57m and $50m respectively. Pier Pier was retained in the Paraway portfolio.

• The Macquarie AGM is scheduled on Thursday. More details then.