Today New Zealand Rural Land Company (NZL.NZX) announced that it has entered into an agreement to acquire up to 100% of a forestry estate located in the Manawatū-Whanganui region in the North Island.
The estate is comprised of five properties with a total area of 2,400 hectares, to be leased to New Zealand Forest Leasing (NZFL) for 20 years with an option for NZFL to purchase up to 48%.
The purchase will be funded with a combination of debt and equity, and is expected to cost approximately $63m.
NZL’s Chair Rob Campbell stated that the acquisition is part of the company’s strategy to diversify its portfolio of assets and tenant base.
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