NZ Super Fund takes stake in Australian beef stud in first offshore farm investment

Wed, 04 Oct 2017

By Rebecca Howard Oct. 4 (BusinessDesk) - The New Zealand Superannuation Fund has made its first offshore farm investment, taking a stake in Australian beef stud Palgrove for an undisclosed amount. The deal, which has received approval from the Australian Foreign Investment Review Board, will increase the fund’s rural land portfolio to 33 farms worth approximately $340 million, it said in a press release. In its 2016 annual report, the Fund said it owned 21 farms valued at $204 million. As at Aug. 31 this year, however, it had 1 percent...

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