NZRL sells 25% land to Roc Partners

Allied Farmers' subsidiary, New Zealand Rural Land Company (NZRL), has sold 25% of its rural land portfolio to Australia-based Roc Partners.

NZRLM, which is wholly owned by Allied Farmers, will continue to manage the entire portfolio of rural assets for both NZRL and Roc Partners following the sale.

The transaction is expected to result in an approximate $1 million increase in NZRLM's and Allied Farmers' income in the 2024 financial year.

NZRL indicated that the funds from the sale would be used for working capital while new growth opportunities are explored.