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Rural Funds Group Announces Victorian Cattle Property Acquisition

06 Feb 2019  |  17:10:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Victorian cattle property acquisition

Rural Funds Management as responsible entity and manager for the Rural Funds Group, has contracted to acquire 'Cobungra', a 6,486-hectare (ha) cattle property located in Vic. Stone Axe Pastoral Company, a Wagyu producer that leases two other properties from RFF, has entered a ten-year lease with a rent review in year five. The property has the potential for productivity enhancements with development capital expenditure attracting additional rent. The acquisition is consistent with the Company's strategy to acquire assets which may benefit from productivity improvements, add to the frequency of rent reviews, are in sectors in which RFM has expertise and enhance diversification. The purchase price of $35.0m will be funded from RFF's debt facility.

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