New Zealand Rural Land Company (NZX: NZL) has announced the sale of a 25% equity interest in its land portfolio to an Australian investment fund for approximately $44.2 million.

The transaction, which is conditional, is expected to be completed on Feb 8, 2024.

NZ Rural Land will use the proceeds to repay a $11.8m convertible note and for working capital.

The sale is part of a restructuring plan, which involves the transfer of group assets to a New Zealand registered limited partnership.

The investment fund will subscribe for the equity interest in the partnership.

NZ Rural Land's business strategy and governance structure will remain unchanged.

The company has also been granted a waiver from NZX listing rule 5.2.1.

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