Thursday, April 25, 2024

Rural Land goes shopping with new cash

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Apple orchards and forestry holdings among two large land purchases.
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Listed company NZ Rural Land (NZL) has made two large land purchases using some of the $44 million of capital recently injected by an Australian fund managed by a private investor, Roc Partners.

With $18m, NZL has purchased three apple estates in Hawke’s Bay totalling 97 hectares, of which 82ha is planted with premium varieties under the name Twyford Orchards.

They will be leased back to Kiwi Crunch Group for a 30-year term; it continues to own the orchard businesses and the intellectual property.

The second purchase was of an Awakino forest totalling 1119ha for $9.5m and leased back for an initial term of 16 years to NZ Forest Leasing, with whom NZL has done business before.

NZL contributed 75% of the acquisitions and Roc Partners the other 25%.

More information on NZL’s financial position and outlook will be provided along with the 2023 financial results on February 29.

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