New Zealand Rural Land Company has raised two-thirds of its intended $38.5 million in a one-for-three rights issue and will now turn to European investors to place the shortfall.
The retail section of the rights issue raised $7.9m, the institutional section $10.5m, and $5.6m was raised from shortfall subscriptions, for $24m in total.
NZ Rural Land (NZL) also plans to borrow $25m from Rabobank towards the $64m purchase cost of lower North Island forestry estates to be settled on April 15.
In the presentation to European investors, NZL outlines plans for further diversification of pastoral properties, moving into sheep and beef, poultry, viticulture and horticulture.
It has based its appeal on a proven ability to acquire and lease out productive pastoral land with attractive annual returns.
NZL currently has 23% foreign investors and under NZ stock exchange rules can go as high as 49.9%.