Friday, September 12, 2014

REITS: "Farmland Partners' land-buying spree tops $50m" (FPI)

From Agrimoney:
Farmland Partners took above 20,000 acres, and $50m, its spending spree on land since it listed in April, buying three farms including in the Mississippi Delta, where it is reinforcing its buying efforts.

The US-based group - which buys land for renting out to growers, aiming to benefit from farm rents as well as market appreciation – said it paid $10.7m for two farms in Louisiana and one in Nebraska, totalling 2,130 acres.

The acquisition lifts to 20,900 acres the amount of land that Farmland Partners has bought since its stockmarket flotation in April with a portfolio of just 7,300 acres.
The group - which during a fund raising from shareholders in July said it had its sights on $100m of land - has spent $52.3m on its acquisitions, working out at an average of $2,500 per acre.
Delta force
Farmland Partners highlighted that the Louisiana purchases, its first in the state, would "strengthen our presence in the Mississippi Delta, one of the country's primary agricultural regions"....MORE
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