Rural Funds Group (ASX:RFF) acquires first cotton farm, Lynora Downs
November 29, 2016 at 05:50 pm EST
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30 November 2016 - Rural Funds Group (ASX:RFF) Executive Manager Andrea Lemmon discusses the group's first foray into cotton, with the acquisition of Lynora Downs in Queensland, and the benefits of diversification for the group.
Rural Funds Group (ASX:RFF) Executive Manager Andrea Lemmon discusses the group's first foray into cotton, with the acquisition of Lynora Downs in Queensland, and the benefits of diversification for the group.
Rural Funds is pleased to advise investors that the Rural Funds Group acquired Lynora Downs for $26.5 million, inclusive of stamp duty.
Lynora Downs is a 4,880-hectare property situated at the northern end of the Arcadia Valley, in central Queensland, situated in close proximity to Rewan station, a cattle finishing station that the Rural Funds Group acquired earlier this year.
The transaction also brings a quality lessee. Queensland Cotton will partner with RFM to lease Lynora Downs. Queensland Cotton was established over 90 years ago and has 11 state-of-the-art gins to process cotton throughout New South Wales and Queensland.
Lynora Downs is a first measured step into the cotton sector, similar to our steps into the macadamia and cattle industries made earlier this year. It brings climatic diversification, sector diversification and RFM’s operational expertise to the forefront.
Rural Funds Group is an Australia-based real estate investment trust (REIT). The Company owns a diversified portfolio of agricultural assets that are leased predominantly to corporate agricultural operators. It is primarily engaged in the development and leasing of agricultural properties and equipment. The Company leases almond orchards, macadamia orchards, vineyards, cattle properties, cropping properties, agricultural plants and equipment, cattle, and water rights. The Company holds three almond orchards approximately 4,068 planted hectares; six vineyards approximately 636 planted hectares; 13 macadamia orchards approximately 1,906 planted hectares; seven properties with areas to be developed into macadamia orchards with 2,520 hectares; 23 cattle properties made up of 18 breeding, backgrounding, and finishing properties and five cattle feedlots with a combined capacity of 150,000 head, and 15 cropping properties approximately 14,573 hectares.
RURAL FUNDS GROUP 
