NZ Rural Land Co buys farms, launches equity raise

NZ Rural Land Co buys farms, launches equity raise
NZ Rural Land Co is 'well positioned in an inflationary environment'. (Image: Getty)
Staff reporters
New Zealand Rural Land Co (NZL) halted trading of its stock Wednesday morning, saying it will raise $20.38 million of equity to help fund the purchase of two Southland dairy farms.It will pay $29m for the 366-hectare Greenhill Farm and 564ha Argyle Downs. Tenants are signing up to consumer price index-linked rent reviews over 10 and 11 years, respectively. At $31,183 per hectare, that compares to the median price of $37,060/ha in the three months through April, according to Real Estate Institute figures. The NZX-listed company gets it...