Farmland Partners to Buy 22,300 Acres in Illinois

Denver-based REIT Farmland Partners has announced it has entered into a purchase agreement to acquire approximately 22,300 area of Illinois farmland. The announced price is $197 million or about $8,834 an acre. The payment is in cash and stock. Farmland Partners indicates the seller is a single unit but otherwise does not identify the seller. The acquisition is expected to close in the first quarter of 2016. The REIT says no leases have been set on the acres it is acquiring and will set those leases in the first quarter of 2016. The acquisition lifts their owed farmland from approximately 74,400 acres to nearly 100,000 acres, the firm states.

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