Rural Funds Group completed the acquisition of The Pocket and Baamba Plains in December 2021.
December 30, 2021
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Rural Funds Group (ASX:RFF) signed a contract to acquire The Pocket and Baamba Plains for AUD 45.8 million on November 8, 2021. The properties include a 1,917 hectare cattle and cropping property (The Pocket) and a 4,130 hectare cropping property (Baamba Plains). Included with the acquisitions are 20,733 ML of water entitlements which are currently under utilized. The acquisitions will be funded from an increase to RFF's debt facility and result in revised FY22 forecast adjusted funds from operations of AUD 11.8 cents per unit. Settlement of The Pocket (AUD 13.8 million) and Baamba Plains (AUD 32 million) is expected to occur in November 2021.
Rural Funds Group (ASX:RFF) completed the acquisition of The Pocket and Baamba Plains in December 2021. Settlement of The Pocket plain occurred in November 2021.
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.