Agriculture has quietly become a substantial asset class inside the Silver Doughnut’s investing arm, Macquarie Asset Management. Now, Macquarie is bracing for its biggest agricultural exit yet, from the Paraway Pastoral Company, after 18 years of ownership.
According to a sales flyer sent to institutional investors, Paraway’s 28 stations across New South Wales, Victoria and Queensland helped it make $115 million cash EBITDA for the year ending December 31, trickling down to $75 million earnings for the period.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com