Duxton Asset Management bought a stake in seven cattle and sheep farms in New Zealand. This is the first time that the company invested in the country's agriculture sector. This was according to a report published by The Wall Street Journal.

Duxton is a fund manager based in Singapore. The company bought a 50% interest in the farms located in the Otago region in South Island, New Zealand. The deal comes with a bet on a surging demand for protein among Asian middle classes. The value of the transaction was not disclosed, the report said.

Next to dairy, red meat is the second-largest export of New Zealand. The product accounts for approximately NZD5.2 billion (USD4.3 billion) of the country's annual shipments. That amount makes up 11% of New Zealand's outbound shipments, said the report.

Duxton's chief investment officer Desmond Sheehy said the company already agreed to a number of deals in the said region. They are also on the lookout for further investments in the country, The Wall Street Journal said.