Rural Funds Group is raising $100 million from investors to develop macadamia orchards, buy cattle grazing land and water entitlements to diversify further at a time when the shine has come off sectors such as almonds.
Rural Funds Management, which manages the ASX-listed property trust, announced on Thursday a fully underwritten 1-for-8.4 share offer for institutional holders priced at $2.47, a 5 per cent discount on Wednesday’s closing price of $2.60. The offer will open to retail shareholders from Wednesday next week.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
