Australian Agricultural Company (ASX:AAC) has entered a 10-year lease of Rewan Station, a cattle property in central Queensland.
They'll be leasing the land from Rural Funds Management as responsible entity for the Rural Funds Group (ASX:RFF).
Pasture production on Rewan benefits from high average annual rainfall. This will boost Australian Agricultural's capacity to background its premium Wagyu herd.
The lease is subject to approval by the Foreign Investment Review Board (FIRB) and a State of Queensland Minister.
Shares in Australian Agricultural Company (ASX:AAC) trading 0.24 per cent higher at $1.04.