ONE of Canada's largest pension investment managers has spent $490 million buying almost 90,000 megalitres of high security water in the lower Murray-Darling Basin as well as 12,000 hectares of almond crops in Robinvale.

Public Sector Pension Investment Board (PSP) has entered into an agreement to purchase 89,085 megalitres of water from Olam Orchards Australia (OOA).

In a separate agreement, PS...