Alberta Investment Management Corporation to Acquire the Yeeda Aggregation

EDMONTON, AB and SYDNEY, Australia, Aug. 20, 2024 /PRNewswire/ -- The Alberta Investment Management Corporation (AIMCo) has entered into an agreement to acquire the Kimberly Meat Company (KMC), Yeeda Station, and the Kimberly Property Portfolio (KPP), collectively, the Yeeda Aggregation.

KMC is a state-of-the-art beef processing facility and is the only export accredited facility located in northern Western Australia. Yeeda Station is a 475,000-hectare cattle station hosting essential KMC infrastructure. KPP is a portfolio of eight residential properties in Broome and Derby that provides KMC with a long-term housing solution for the company's employees and assists in attracting skilled labour to the region.

These assets deepen AIMCo's investment in this sector and complement the recent purchase of the Yougawalla Pastoral Co in 2023. Integration with AIMCo's existing Yougawalla operations will increase the robustness and flexibility of the supply chain and enable the team to increase capacity and create value for our clients.

Ben Hawkins, Executive Managing Director, Head of Infrastructure, Renewable Resources and Energy Transition at AIMCo said: "We believe this acquisition gives us the opportunity to create a vertically integrated beef production and processing business in northern Australia. AIMCo has a strong track record of investing successfully in the Australian and New Zealand primary production and rural land sector, and are committed to ensuring strong animal welfare, environmental, social and governance standards are put in place."

The transaction has been approved by the administrators and creditors but remains subject to various regulatory approvals including Australia's Foreign Investment Review Board and the Pastoral Land Board.

AIMCo is one of Canada's largest and most diversified institutional investment managers with more than C$160.6 billion of assets under management as at December 31, 2023. AIMCo invests globally on behalf of pension, endowment, insurance, and government funds in the Province of Alberta. With offices in Edmonton, Calgary, Toronto, London, Luxembourg, New York, and Singapore, our more than 200 investment professionals bring deep expertise in a range of sectors, geographies, and industries. For more information on AIMCo please visit www.aimco.ca or follow us on LinkedIn.

SOURCE Alberta Investment Management Corporation