St Laurence selling Rural Equities stock

Investor St Laurence Property & Finance is selling part of its holding in Rural Equities at $2.85 a share, for a total of $7.58 million.

St Laurence said it was selling 2.66 million shares to RotoruaTrust Perpetual Capital Fund in an off-market transaction, while retaining 1.37 million shares.

Rural Equities invests in and manages rural property, owning 62.3 per cent of the units in the New Zealand Rural Property Trust which owns 30 New Zealand farms, covering 18,320ha, and an 865ha forest.