Settlement of Forestry Estate Acquisition

New Zealand Rural Land Company Limited (NZL) has completed the acquisition of a 2,400 hectare forestry estate in the Manawatū-Whanganui region.

The estate was purchased for approximately $63 million, funded using debt and equity, including a $12 million convertible note issued to an entity associated with the lessee, New Zealand Forest Leasing.

The lease has a 20-year term and the note has an 18-month term.