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Home / Business / Companies

NZ Rural Land seeks funds for two more farm buys

NZ Herald
7 Jun, 2022 11:15 PM2 mins to read

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NZ Rural Land is raising funds to buy two dairy farms in Southland. Photo / File

NZ Rural Land is raising funds to buy two dairy farms in Southland. Photo / File

New Zealand Rural Land Co is seeking to raise $20.38 million to buy two Southland dairy farms.

The capital raise will be in the form of a pro-rata accelerated renounceable entitlement offer.

Under its terms, participating shareholders will get one new share for every five existing shares at $1.05 per new share - a 6.3 per cent discount to Tuesday's closing price of $1.12.

Chairman Rob Campbell said the acquisitions - for a total price of $29m - represented a continuation of NZ Rural's strategy of broadening its portfolio of high-quality rural land assets.

Following the purchases, NZ Rural's portfolio will comprise about 11,710 hectares of dairy farms across Canterbury, Central Otago and Southland.

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"These assets are all underpinned by triple net leases with CPI-linked rental adjustments, resulting in NZRL being well positioned in an inflationary environment," he said.

The 564-hectare Argyle Downs farm is to be leased to a new tenant with CPI linked rent reviews for an initial term of 11 years.

Greenhill (366 hectares) is to be leased to a new tenant with CPI-linked rent reviews for an initial term of 10 years.

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NZ Rural Land has been placed in a trading halt on the NZX while the company undertakes the institutional bookbuild element of an accelerated offer.

Last November, New Zealand Rural bought a large scale dairy asset portfolio comprised of six dairy assets in Maniototo, Central Otago totalling approximately 3500 hectares, for $61.40m, funded mostly through debt.

Shares in NZ Rural Land debuted on the NZX in December 2020, at $1.31, a small premium to their $1.25 issue price.

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