Image: Stuart's CreekQueensland Investment Corporation (QIC) continues to grow its Natural Capital platform, reaching settlement with Packhorse Pastoral Company on the acquisition of Stuart’s Creek.
The 8,300-hectare pastoral property north-west of Roma was the last in the Packhorse portfolio and sold as a beef grazing operation with registered carbon baselines and sequestration strategies in place.
Head of Natural Capital Tom Murphy said the acquisition allows QIC to build on its existing agricultural and natural capital investments and expertise.
“Packhorse is a recognised leader in carbon farming and that legacy is not lost on any of us,” Mr Murphy said.
“In Stuart’s Creek, we acquire a solid foundation to explore environmental market opportunities that are complementary to the existing traditional cattle grazing operations.
“This is prime agricultural land that also has significant areas registered for sequestration, offering the best of both worlds in cattle and carbon.
“We welcome the opportunity to continue collaborations with academic, environmental and industry groups to support new and existing biodiversity projects on site.
“There is a genuine alignment of the Packhorse vision and QIC’s Natural Capital platform, giving us great confidence in carrying on this important work to deliver positive commercial and environmental outcomes.”
Managing Director of Packhorse Pastoral Company Geoff Murrell said the sale was a true alignment of outcomes and solutions for the environment and investors.
“The sale of Stuart’s Creek has delivered strong shareholder returns and the compatibility of a new land steward to continue building on the solid regenerative agricultural practices Packhorse had underway,” Mr Murrell said.
“Packhorse had registered 20,000 hectares of land with the Clean Energy Regulator that is primed for carbon sequestration.
“We are fortunate to have collaborated with some notable partners and industry experts to establish an exceptional foundation for biodiversity above and below the ground.”
Stuart’s Creek is the second acquisition under the QIC Natural Capital platform following the purchase of a 600-hectare irrigated sugar cane property south of the Mackay region last year.
Both acquisitions were made possible through a foundational investment from the Queensland Government’s Land Restoration Fund.
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QIC is a trusted investment manager and adviser providing risk adjusted returns for the clients we serve. As one of the nation’s leading institutional investment managers, we deliver alternative real asset solutions across infrastructure, real estate, private debt, private capital, natural capital in addition to a liquid market offering for our 125 Australian and global clients. We also act as the Queensland Government’s independent investment advisor, managing a fully-funded Defined Benefit scheme and the Queensland Future Fund both of which delivers on the State’s long-term investment objectives. We have A$102.2bn in assets under management (as at 30 June 2023) and are headquartered in Brisbane, Australia, with offices in Sydney, Melbourne, New York, San Francisco and London.
Established as a standalone asset class classification in 2022, QIC Natural Capital offers a commercial platform that aims to promote environmental outcomes of carbon sequestration, biodiversity conservation and reef water quality, alongside attractive agriculture returns. Our thematic investment approach seeks to enable institutional investors to benefit from long-term trends of addressing challenges of population growth, food security, biodiversity protection and climate change.