Farmland Partners has entered into agreements to acquire from Olam International Limited approximately 5,100 acres of permanent crop farmland in California for a purchase price of $110 million.
The properties are located in California’s Central Valley and are dedicated to the production of almonds, pistachios and walnuts. At closing of the acquisition, FPI will enter into a 25-year triple–net lease agreement with Olam on a revenue share basis.
During the term of the agreement, Olam will operate and maintain the properties and improvements. Closing is subject to customary conditions.
“We look forward to bringing these properties into our portfolio,” said Paul Pittman, FPI chairman and CEO. “They are unique, high-quality farms in the heart of California’s tree nut industry. The properties and associated agreements will bring higher cap rate permanent crop production into our portfolio, furthering our goal of delivering a well-balanced portfolio
