By Darren Gray | Sydney Morning Herald
A Canadian pension fund has bought a huge parcel of Australian permanent water rights for $490 million to irrigate almond trees, in a move that puts the spotlight on foreign ownership of farms and water resources as drought continues to ravage the country.
The Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest fund managers, has also acquired 12,000 hectares of Victorian almond orchards in the Sunraysia district in a separate transaction.
PSP Investments manages the pension funds of federal public servants in Canada, the nation’s defence forces and the Royal Canadian Mounted Police, also known as the Mounties. …Full Story