The company is the sole agricultural land-based property company listed on the stock exchange
The company will be the sole agricultural land-based property company listed on the stock exchange, Duncan Cotterill said. NZRLC also raised $75m for its IPO – the largest for a primary listing in 2020.
Incorporated last September, NZRLC was established with the goal of acquiring rural land in the agricultural sector. The company aims to collaborate with farmers and food producers, and looks to lease rural land to them.
“NZRLC offers investors an opportunity to access the value of New Zealand rural land without having the usual direct operational risks associated with an agri-sector investment,” said Duncan Cotterill partner Matt Yates.
He said that NZRLC’s successful IPO was a positive sign for the sector, given that “a combination of foreign ownership restrictions and a scarcity of new bank lending have led to a significant reduction in potential purchasers of large scale New Zealand rural land.”
Yates, a corporate partner, headed up Duncan Cotterill’s core corporate team in working on the transaction. He was supported by senior associate Amy Douglas, as well as by solicitors Adam Dyhrberg, Sarah Ward and Ashlesha Sawant.
Investment bank Jarden, which has offices across New Zealand and in Australia, served as lead manager on the deal.
NZRLC was listed on the NZX on 21 December. Rob Campbell serves as the company’s chair, working alongside executive director Christopher Swasbrook and independent director Sarah Kennedy on the board.
In 2017, Duncan Cotterill also advised on a $200m backdoor listing involving one of New Zealand’s largest freight and logistics companies.