Alberta Investment Management Corporation (AIMCo) and New Agriculture have bought a large-scale cattle breeding business in the Kimberley region of Western Australia in a transaction IPE Real Assets understands to be worth around A$300m (€181m).

The pair announced the acquisition of the 3m-hectare Kimberley Cattle Portfolio from Chinese investor Shimao Group, without disclosing financial details.

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

This is the second significant acquisition by AIMCo, which bought the mixed farming business, Lawson Grains, in January 2022 for around A$600m.

AIMCo, one of Canada’s largest institutional investment managers, has invested in Australia for many years, firstly in forestry with New Forests, which created a division, New Agriculture, last year to both manage Lawson Grains and to build a portfolio of agriculture assets globally, starting in Australia and New Zealand.

Ben Hawkins, executive managing director, and head of infrastructure and renewables resources at AIMCo said: “The Kimberley Cattle Portfolio, AIMCo’s first investment in this sector, is an established and well-managed asset that provides important diversification in our client portfolios.”

Bruce King, director of New Agriculture said: “Kimberley Cattle Portfolio 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.”

To read the latest IPE Real Assets magazine click here.

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