Rural Funds Group Limited
(ASX:RFF) has announced it has agreed to purchase Lynora Downs, a 4480 hectare cotton property in central Queensland.
Rural Funds will purchase the property for $26.5 million, with settlement due in late November.
Rural Funds will lease and operate Lynora under a joint venture with Queensland Cotton Corporation Pty Ltd.
Managing Director David Bryant has indicate the purchase of Lynora supports the companies climatic diversification strategy, which it announced earlier this year.
Rural Funds Group Limited reported a net profit of $34.8 million at 30 June 2016.
