Manager for the Rural Funds Group to buy cattle property in Victoria

Company News

by Rachael Jones

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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.