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QIC to purchase agricultural asset

QIC to purchase agricultural asset

Reporter
— 1 minute read

Queensland-based investment manager QIC has acquired an 80 per cent interest in the North Australian Pastoral Company.

Under the agreement signed with the North Australian Pastoral Company (NAP), QIC will become the majority owner of 5.8 million hectares across Queensland and the Northern Territory and approximately 178,000 head of cattle.

At the conclusion of the transaction, NAP's largest shareholder, the Foster family, will retain an interest of approximately 20 per cent.

"Funds advised by QIC including Australian superannuation capital and the UK-based Pension Protection Fund (PPF) will hold approximately 80 per cent having acquired the remainder of the Foster family’s holding and the 34 per cent of NAP currently owned by UK-listed MP Evans," said a statement by QIC.

An offer will be made to other minority shareholders to acquire their shares as part of the transaction, and offer them the opportunity, should they wish, to retain an interest in NAP.

QIC chief executive Damien Frawley said his firm is "proud" to be investing superannuation assets into the beef industry.

"This landmark deal was made possible by our unique government heritage, and it captures the benefit of our networks of institutional investors and connections to Asian corporate relationships. It’s a natural evolution for our 25-year-old investment platform," Mr Frawley said.

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