Alberta Investment Management Corporation (AIMCo) and its investment partner, New Agriculture, have agreed to acquire the Kimberley Cattle Portfolio (Yougawalla Pastoral Co and Argyle Cattle Co).

The agreement follows the conclusion of a public tender process and is subject to regulatory approvals.

AIMCo is one of Canada’s largest institutional investment managers, which invests globally on behalf of pension, endowment, insurance, and government funds in the Province of Alberta.

The Kimberley Cattle Portfolio comprises both Yougawalla Pastoral and Argyle Cattle and represents a ‘large-scale’ cattle breeding business that spans almost 3 million hectares in the Kimberley region of Western Australia.

The portfolio covers 7 pastoral leases and 5 sub-leases, as well as an agistment agreement.

As part of the deal, Haydn and Jane Sale will be retained as managers of the Kimberley Cattle Portfolio.

The financial details of the transaction are confidential.

The transaction is subject to Foreign Investment Review Board (FIRB) approval in Australia and approval by the Western Australia Lands Department. Both are expected to be completed by the first half of 2024.

AIMCo Executive Managing Director and Head of Infrastructure & Renewable Resources Ben Hawkins says the transaction represents the company’s first investment in the sector and provides an important diversification for its client portfolios.

Meanwhile, New Agriculture Director Bruce King says the transaction offers a key opportunity to manage for ‘strong’ investment outcomes alongside leading sustainability objectives.

“With up to 25% of the solution to climate change expected to come from the land use sector, we have a responsibility to manage these landscapes for sustainability outcomes, and with our local communities in mind.”

“we have a responsibility to manage these landscapes for sustainability outcomes, and with our local communities in mind”

AIMCo represents one of Canada’s largest and most diversified institutional investment managers, with more than C$158 billion of assets under management.

New Agriculture is headquartered in Australia and was established in August 2022 to both manage the Lawson Grains aggregation, which was acquired by New Forests and Alberta in January 2022, and to build a portfolio of agriculture assets globally, starting in Australia and New Zealand.

Write to Adam Drought at Mining.com.au

Images: New Agriculture