Duncan Cotterill advises New Zealand Rural Land Company on NZX listing
On Monday, New Zealand Rural Land Company (NZRLC) listed on the New Zealand stock exchange. Duncan Cotterill corporate partner Matt Yates led the transaction advising NZRLC. He was supported by a core corporate team including Senior Associate Amy Douglas, solicitors Adam Dyhrberg, Sarah Ward and Ashlesha Sawant.
NZRLC was incorporated on 11 September 2020 and has been formed for the purpose of acquiring rural land across the New Zealand agricultural sector. NZRLC will partner with and lease land to experienced farmers and food producers. NZRLC will be the only agricultural land based listed property company on the NZX.
NZRLC raised the minimum $75 million required for its Initial Public Offering (IPO), the largest IPO for an NZX primary listing this year. Investment bank Jarden acted as lead manager.
Mr Yates commented that ”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. The success of the IPO is great news for New Zealand’s agri-sector where 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.”
NZRLC is chaired by Rob Campbell and is joined on the Board by executive director Christopher Swasbrook and independent director Sarah Kennedy.