Property profile: Rewan

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Rewan is a 17,479 ha cattle breeding, backgrounding and finishing property located about 60 km south of Rolleston in central Queensland. It was one of the first cattle properties acquired by RFF when it was purchased in July 2016 for $31.2m¹. In July 2026 Rewan was contracted for sale, with net sale proceeds of $106.9m².

Acquisition, development and lease

At acquisition, RFM articulated a strategy to lift the value and income-earning potential of Rewan through productivity improvements, including pasture improvement, expanded cultivation area and new watering points. Over the past ten years, these improvements have seen an increase in adult equivalents (AE), a measure of cattle-carrying capacity.

Rewan was initially leased to a subsidiary of RFM while the productivity developments were implemented, and a long-term third-party lessee was identified.

In October 2019, the property was leased to the Australian Agricultural Company (ASX: AAC) under a ten-year lease after being independently valued at $43.1m, an uplift of 38% on its purchase price. Rewan was the first property AAC leased from RFF, introducing another high-quality lessee into the portfolio. AAC has since leased an additional two cattle properties from RFF; Comanche and Homehill, also in central Queensland.

Natural and historical significance

Located next to Rewan is the Carnarvon Gorge, which is nationally recognised for its natural and cultural significance. The gorge features sandstone cliffs, coloured side gorges, diverse flora and fauna and Aboriginal rock art. The gorge is accessed via a road which runs through Rewan itself.

In the early 20th century, Rewan was owned and operated by the Queensland Police Service. The property served as a stud farm for breeding police horses. By 1912, 69 Rewan remounts had been bred for police work. The stud farm was closed in 1933. However, some of the original buildings remain on the property, including the Police Hut, which is now heritage listed.

During the Second World War (November 1943), a Dakota C-47 aircraft, en route from Darwin to Brisbane, crashed on Rewan during a storm. Nineteen United States and Australian military personnel were killed. A memorial, which consists of the aircraft’s engines, wings and undercarriage, was erected near the crash site in 2004.

Property sale

On 10 July 2026, RFM announced it had exchanged contracts for the sale of Rewan for $106.9m, 47% above its 31 December 2025 book value, and 243% above its purchase price. The property generated an internal rate of return (IRR) of 22% for RFF Unitholders during the period of ownership.

The premium to book value reflected the higher underlying land value, the productivity improvements made by RFM since acquisition, and the opportunity to aggregate Rewan with the neighbouring property Wyseby, which was acquired by RFF in June 2023 for that purpose. As planned, in FY26 Wyseby was subdivided with the co-owners into East Wyseby and West Wyseby, RFF's portion. Both properties have been sold to the same purchaser.

The decision to invest into the sector was also part of RFF's broader productivity improvement strategy, to seek higher returns from assets by undertaking productivity developments.