Canada's Public Sector Pension Investment expands its Australian rural footprint

Canada's Public Sector Pension Investment Board (PSP Investments) has added to its Australian farming operations, buying the NSW cropping assets of mining and agribusiness giant, Glencore via its Daybreak Cropping venture.

Daybreak is the national broadacre cropping business formed in 2016 as a partnership between Australia’s Warakirri Asset Management and PSP, one of Canada’s largest pension investment managers.

The farming deal for comes as part of a decision by Glencore to withdraw from grain production to concentrate on grain handling and marketing in Australia.

The joint venture owner, Warakirri, is already one of Australia’s largest grain growers.