The Public Sector Pension (PSP) Investment Board, one of Canada’s largest pension funds, has purchased rural land in Australia through a joint venture with Hewitt Cattle Company, according to Mark Boutet, a spokesperson of PSP.
The properties are being sold by veteran grazier Sir Graham McCamley and follow a majority stake acquisition by PSP into Hewitt Cattle Company in March.
“This partnership will serve as our platform to invest in cattle assets in that country,” he said.
It is understood that the land was bought for C$60 million ($49.9 million; €45.4 million, according to local reports.
The acquisition of McCamley’s Oakleigh and Stoodleigh properties, which are north of Rockhampton, includes six freehold titles, 15 main paddocks and high-quality structural improvements, Agri Investor learned.
Based in Emerald, Queensland, Hewitt Cattle has more than 200,000 hectares of land and 30,000 head of cattle in various locations.
The PSP fund has C$90 billion of assets under management and has allocated 24 percent of its portfolio into real-return assets including natural resources, according to its website.
PSP focuses on direct, long-term investments in natural resources, including global timber and agriculture and its strategy involves engaging with like-minded peers and top-of-class operators, according to Boutet.