The New Zealand Superannuation Fund (NZSF) is actively buying up dairy farms in Southland, clinching deals on seven properties with more to follow.
The new acquisitions come under a dark industry debt cloud and take the NZ Super Fund's farm portfolio to 21, following two recent dairy purchases in Canterbury.
NZSF says while the dairy sector faces some difficult short term challenges, it continues to have strong long-term potential.
Discussions on a number of other farms are at various stages.
But it's no bonanza - a spokeswoman says while some opportunities are attractive, others remain expensive, and that's changed little over the six years it's been investing.
While it has no target size, NZSF-owned farms range from 80 to 500 hectares.
NZSF plans to take good land opportunities as and when they arise and believes at the right price, the investments will only benefit from rising global population and wealth.
The fund is managed and administered by the Crown entity The Guardians of New Zealand Superannuation. It invests initial Government contributions - and returns generated from these investments - in order to grow the fund.