Rural Funds Management Limited (RFM), as responsible entity and manager of the Rural Funds Group (ASX: RFF) advises that it has now exercised an option to acquire three macadamia orchards located near Bundaberg in Queensland. The transaction, which is expected to complete within one week, represents RFF’s measured first step into the macadamia industry and encompasses 259 ha of macadamia orchards.
The acquisition follows a meeting of Growers in the 2007 Macgrove Project (Project) who voted in favour of RFM becoming the Responsible Entity of the Project.
The Project will lease 234 ha of the total 259 ha area, with RFM leasing the balance. Distributions remain in line with previous forecasts.