Leading Australian investment manager, QIC today announced it has signed an agreement(s) to acquire an 80 per cent interest in the North Australian Pastoral Company (NAP).
NAP is one of Australia’s oldest and largest agricultural enterprises covering 5.8 million hectares across Queensland and the Northern Territory and approximately 178,000 head of cattle.
At the conclusion of the transaction, NAP’s largest shareholder, the Foster family will retain an interest in NAP of approximately 20 per cent. Funds advised by QIC including Australian superannuation capital and the UK-based Pension Protection Fund (PPF) will hold approximately 80 per cent having acquired the remainder of the Foster family’s holding and the 34 per cent of NAP currently owned by UK-listed MP Evans.
http://www.qic.com.au/knowledge-centre/media-release-qic-acquires-interest-in-nap-20160506
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