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An Alberta pension fund manager announced a deal Thursday to join in the purchase of $409.5 million in farmland and forest in Australia.
Alberta Investment Management Corp., or AIMCo. is teaming up with Australia New Zealand Forest Fund
AIMCO said it expects global demand to continue to grow for those resources.
The land includes more than 2,500 square kilometres across six Australian states, which previously was held by Great Southern Plantations, which has been in receivership since May 2009.
The deal would be Australia's largest private forestry estate transaction to date.
"AIMCo wants to capitalize on growing world demand for timber and agricultural products. We are delighted to be part of this extraordinary opportunity to assist in the development of these Australian assets, at an attractive return to AIMCo's clients," CEO Leo de Bever said in a release.
Edmonton-based AIMCo handles $71 billion in pensions, endowments and other funds on behalf of Alberta public sector clients.
With files from The Canadian PressShare Tools
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