The Public Sector Pension Investment Board is taking on a majority stake in B.F.B. Pty Ltd., an Australia-based agricultural business.

Currently, BFB has taken on more than 441 square kilometres of arable land and operates businesses in grain storage, fertilizer, agronomy, livestock, farming and logistics.

“We’re impressed with BFB’s team, performance and integrated business model, and we’re excited to partner with them in their continued strategic development,” said Marc Drouin, managing director and head of natural resources at PSP Investments, in a press release.

Read: PSP Investments takes on Hawaiian farmland

“This investment is emblematic of PSP’s strategy to partner with world-class and like-minded local operators who are also committed to best practices in the areas of employee health and safety, the environment, community engagement and corporate governance.”

PSP Investments is buying the stake from Proterra Investment Partners. “We are proud to have been a part of BFB’s transformation over the last 10 years into a top-tier and diverse agribusiness with deep operational expertise,” said Brent Bechtle, founding partner at Proterra Investment Partners. “We believe PSP Investments is an ideal partner to support the next stage of BFB’s growth.”

The investment marks another in an established pattern of allocations to Australia’s agriculture sector, including ventures in the production of animal proteins, row crops, fresh produce and tree nuts.

Read: Where do Canada’s farms belong in institutional portfolios?