The NZ Super Fund has made its first offshore farm investment, taking a stake in leading Australian beef stud Palgrove (www.palgrove.com.au). The acquisition, which has received approval from the Australian Foreign Investment Review Board, will bring the Fund’s rural land portfolio to 33 farms worth approximately $340 million.

Chief Investment Officer Matt Whineray said Palgrove was a high quality, highly successful business that complemented the Fund’s existing investment portfolio. “We are pleased to make the Fund’s first offshore investment under our rural land strategy. We continue to see rural land as an attractive long-term investment and a good diversifier for our portfolio.”

The purchase price is confidential.