Manager for the Rural Funds Group (ASX:RFF), Rural Funds Management has contracted to acquire ‘Cobungra’, a large cattle property in Victoria for $35 million.
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.
They hope to enhance the property to attract additional rent.
The property is expected to settle next month in March 2019.
Shares in Rural Funds Group (ASX:RFF) closed 0.91 per cent higher to $2.22.