Canada Pension Plan Investment Board, Toronto, agreed to acquire the assets of Assiniboia Farmland, which owns and manages 115,000 acres of Saskatchewan agricultural land.
The portfolio of farmland that yields wheat, barley and canola is valued at C$128 million (US$120 million). The seller is Assiniboia Capital, which also manages farmland and invests in canola farming.
Terms were not disclosed. The acquisition is expected to close in January.
The CPP Investment Board, which oversees C$192.8 billion in assets, began its agriculture investment program in 2012, focusing on opportunities in Canada, the U.S., Australia, New Zealand and Brazil. The program is part of the CPPIB's C$47.9 billion private investments allocation, said Linda Sims, CPPIB spokeswoman.