Macquarie’s Paraway Pastoral buys Queensland cattle stations

Macquarie’s Paraway Pastoral Co has swooped on two Queensland cattle stations, paying as much as $130 million.

Angus cattle on the 667,900ha Rocklands on the Barkley Tablelands

Macquarie’s Paraway Pastoral Co has swooped on two Queensland cattle stations sprawling across more than 1.6 million hectares, paying as much as $130 million.

The deal will see the fund acquire 667,900ha Rocklands on the Barkley Tablelands and 1.02 million hectare Tanbar Station in the state’s southwest.

Paraway said it had purchased the assets, sold by Western Grazing, because they were “complementary to our existing portfolio and enhance our ability to deliver a consistent, reliable supply of quality livestock into key supply chains”.

The purchase comes just days after the Queensland Investment Corporation bought a controlling stake in the North Australian Pastoral Company alongside British fund PPS.

The remaining 20 per cent of NAPCo remains with its long-term owners, the Tasmania-based Foster family.

Both Tanbar and Rocklands were once part of AMP Capital’s Stanbroke Pastoral Company, with the latest sale advised by Ben Cameron of Bentleys International.

CBRE Agribusiness director Danny Thomas said the sale was a “strategic acquisition” for Paraway. “That portfolio was highly sought after. There was really strong competition for the purchase,” he said.

Rocklands and Barkley stations have a carrying capacity of about 65,000 head of cattle, but the deal will see Paraway add 45,000 to its existing herd.

The Paraway deal comes after Scott Morrison knocked back a $371m bid for the S. Kidman & Co empire from a consortium led by Chinese conglomerate Shanghai Pengxin.