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Rural Funds Management Announce ProTen transaction and WA property acquisition

Subject: Sale of poultry assets and acquisition of cattle properties

Sale of poultry assets
Rural Funds Management Limited (RFM), as responsible entity for the Rural Funds Group (ASX:RFF) has entered into agreements for the sale of RFF’s poultry assets to ProTen Investment Management Pty Ltd as trustee for ProTen Investment Trust (ProTen) for $72.0m, subject to certain conditions.

Acquisition of WA cattle properties
RFM has entered into options to acquire three cattle properties: Petro, High Hill and Willara, for $22.6m inclusive of estimated transaction costs. The properties are located between 200km and 280km north of
Perth.

The WA cattle properties will be leased to Stone Axe Pastoral Company Pty Ltd (SAP). The properties will allow SAP to expand and further diversify their Wagyu beef operations. 

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