The Australian | 10 May 2026
Bidding war for $3bn Paraway Pastoral empire heats up with property tours
First-round bidders for Paraway Pastoral are now moving through to the next phase of the contest for one of Australia’s most valuable agricultural businesses.
by Bridget Carter
Suitors for Paraway Pastoral are being taken on site visits of the $3bn agricultural empire’s properties by management, as Macquarie Group and Dutch fund APG work through multiple first-round bids.
The tours mark the next phase of the sales process after several offers landed for the entire business, including from Terra Firma-owned Consolidated Pastoral Company, which is understood to have tabled a bid for the whole portfolio.
Notably absent from the bidding was Nuveen Natural Capital, despite earlier being named as a likely contender for the business that spans beef, sheep and cropping operations across 28 pastoral properties.
Sources said there was strong demand from both domestic and offshore groups for parts and all of the business.
However, bidders are yet to be informed when second-round offers will be due as vendors continue their assessment.
Canadian pension funds PSP Investments and OMERS were earlier named as potential bidders, along with the Abu Dhabi Investment Authority.
Other possible buyers for grain assets include the Bell family of Bell Potter and New Forests.
Paraway, which includes Cubbie Station among its holdings, made $115m in cash earnings before interest, tax, depreciation and amortisation in 2025.
The three main components of value are water, livestock and land, with land accounting for the bulk of the expected $3bn price tag.
While the Iran conflict has disrupted global fertiliser supply chains, sources close to the process have played down the impact of high prices on the sale given the diverse nature of the beef, sheep and cropping business.
The site visits suggest vendors are moving methodically through the process, allowing serious bidders to conduct detailed due diligence before calling for final offers.
With Consolidated Pastoral Company expressing interest in acquiring the entire business, the sales process could yet result in a single buyer taking the whole portfolio rather than a break-up sale.