Canadian Pension Fund Invests in Australian Beef Stations
AUSTRALIA - Canada’s largest pension fund, the Public Sector Pension Investment Board, has invested in a third large cattle property in Queensland.
15 December 2016
1 minute read
The pension fund, known as PSP Investments, has more than A$96 billion in assets under management and invests for the pension plans of the Canadian Public Service and the Royal Canadian Mounted Police.
Hewitt Cattle Australia, backed by the pension fund, is acquiring the properties which are located some 100 kilometres north-east of Roma, in Queensland. The cattle stations – Strathblane, Wybara and Scotts Creek – border an existing Hewitt property, Pony Hills.
Based in central Queensland, Hewitt Cattle Australia has operations in several locations. "We are looking to expand by buying suitable agricultural assets targeting beef cattle production, which complements our existing operations," said CEO Mick Hewitt.
He said that with this acquisition the company will have around 300,000 hectares under management and is aiming to run 'somewhere in the vicinity of 60,000 head of cattle.'
While the commercial terms of the deal have not been disclosed, Hewitt Cattle has announced that approval has been given for the purchase by Australia’s Foreign Investment Review Board.
This transaction is not the only recent show of interest in the Australian agri sector by Canadian pension funds. The Ontario Teachers’ Pension Plan Board has also made significant investments in the country over the past five years, including an almond property in the Murray-Murrumbidgee area in 2015.
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