NEW ZEALAND - The Guardians of New Zealand Superannuation have appointed FarmRight as the first investment manager in its rural land strategy and acquired its first dairy property in West Otago.
The Guardians' long term plan is to own or part-own a portfolio of New Zealand farms and expects to invest up to NZ$300-500m ($231-386m) over five years.
The Guardians' manager Matt Whineray said the firm was appointed because of its experience, track record and strengths in risk management and in adding investment value through making operational improvements to dairy farms.
FarmRight CEO Jim Lee said: "For FarmRight it is particularly pleasing to be assisting a local institutional investor to purchase substantial pieces of New Zealand rural land, the returns from which will ultimately assist in meeting the future cost of New Zealand Superannuation.
FarmRight is an independent dairy-farming management and consultancy company; its portfolio contains 42 dairy farms and 42,000 cows.
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