Rural Funds Management Limited (RFM), as responsible entity and manager for the Rural Funds Group (ASX: RFF) has contracted to acquire 5,409 ha of sugar cane farms (with associated plant and equipment) and 8,060 ML of water entitlements from MSF Sugar Pty Ltd (MSF) for $81.1m (excluding transaction costs).
RFM intends to progressively convert the farms to approximately 2,200 ha of macadamia orchards, with a substantial portion of the remaining area able to be used for cropping. RFM is in discussions with several potential lessees and will provide further details of the agreed development program in due course.
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