ASX-listed Rural Funds Group has acquired two regional Queensland properties for $28 million.
The first property, Cerberus, was purchased for $10 million. The 8,280 hectare cattle breeding and backgrounding property located 140 km north west of Rockhampton in central Queensland.
The lessee will be Katena Pty Ltd, trading as Bryant Beef and will run for 10 years at a lease rate consistent with existing cattle property leases.
The second property, Mayneland, was purchased for $18 million.
The 2,942 hectare cotton property located 25 km north of Lynora Downs, another cotton property owned by Rural Funds Management Limited in central Queensland.
It is understood Rural Funds Management intends to engage an independent party to run a process to select a lessee.
Cotton JV, a joint venture between Queensland Cotton Corporation and RFM, is likely to participate in the process.
A stage one development of an additional 579 hectares of irrigated area and a 2,500 megalitre water storage is expected.
“Rural Funds Management, on behalf of the Rural Funds Group, is pleased to execute on the strategy to acquire properties within its existing sectors, particularly in central Queensland, and to improve productivity and grow funds from operations,” Rural Funds Management executive Stuart Waight said.
Settlement of the properties is expected to occur late September.
Earlier this year, Rural Funds Management acquired Comanche, a 7,600-hectare cattle property, near Rockhampton in Central Queensland for $15.7 million.
