Spojené Farmy, a Czech supplier of organic food, is set to be sold to CPI Property Group, a local real estate company.

CPI, which is based in Luxembourg, said it had struck a deal with Spojené Farmy’s private owners to buy the business for EUR43.5m (US$55m).

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Spojené Farmy produces organic beef, chicken and lamb for markets in the EU and the Middle East. It has listings with retailers including Ahold and Tesco.

The acquisition will mark CPI’s entry into the agricultural sector. It bills itself as a “significant player” in the Czech residential housing market and is the largest Czech proprietor and developer of hotels.

CPI has pledged to invest EUR20m to expand Spojené Farmy. Martin Nemecek, CPI’s chief executive, said the move into agriculture was “important” for the business.

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“Farmland is one of the safest investments in real estate and yet there is a high potential for growth in value, in particular in the Czech Republic,” Nemecek said.

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“We have worked hard to put together a transaction of such a scale, which is incomparable with any other transaction in the region. We also value the fact we could buy a well-operated farming business with professional management. We will continue to produce high-quality organic food for which there is a continued strong demand.”