During the same months that the New Zealand government rejected Shaghai Pengxin’s $88 million acquisition of Lochinver Station, Canada’s Public Sector Pension Investment Board (PSP Investments) was given approval by the country’s Overseas Investment Office (OIO) to purchase a 280 hectare dairy farm in North Canterbury.

 

Emerald Dairy Farm, which is indirectly owned by PSP Investments was granted government approval for the deal after having been declared to meet the requirements of a substantial and identifiable benefit to New Zealand through an increase in production, the creation of jobs, and an increase in exports.

 

PSP was also granted approval in December 2014 for the acquisition of a 964 hectare dairy farm, also in Canterbury, through its subsidiary, Cumberland Dairy Farm. The financial terms for both deals were not disclosed.

 

PSP manages pension fund totaling C$112 billion for Canada’s armed services, public services, and mounties. Of its total C$1.5 billion invested in natural resources, 83% in invested in timberland, and 17% is invested in agriculture.

 

In November of 2014, PSP was granted approval from the New Zealand’s OIO for the purchase of a portfolio of 18 commercial and retail properties from AMP Capital Investors, making Canada surpass China as the top source of overseas investment in New Zealand between January 2013 and December 2014, according to a KPMG survey of OIO data.