Farmland Partners Closes $197 Million Deal for 22,000 Acres in Illinois

March 3, 2016 10:44 AM
 
Farmland Partners Closes $197 Million Deal for 22,000 Acres in Illinois

Farmland Partners just added to its holdings in the Corn Belt. On Thursday, the Denver-based real estate firm announced that it has closed on a 22,100-acre deal that encompasses 118 farms near Paris, Ill.

The price? $50 million in cash and $147 million worth of limited partnership and preferred operating partnership interest, for a grand total of $197 million.

Farmland Partners announced its plan to purchase those acres in November.

"This transformative transaction makes FPI one of the largest owners of farmland in the Midwestern United States," said Paul Pittman, CEO of the Company. "The increased scale of our operations will be reflected on our balance sheet and in our revenue, and the substantial number of new operators will add value to our volume purchasing program by increasing the total acreage operated by our tenants."

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Comments

 
Spell Check

Scott
Potomac, MD
3/4/2016 05:32 AM
 

  Congratulations Paul and the farmland partners. Keep up the great work. Scott

 
 
Jack
Mitchell, SD
3/3/2016 03:22 PM
 

  Congratulations to the sellers. Although they may wish they had it all in cash, to take to the bank? Even after cap gains tax, or ?? And best wishes to the buyers and the finance company backing them. Looks like a FCS or Rabo deal?

 
 
Ted
Grant, NE
3/3/2016 09:26 PM
 

  In about 100 years farmers will be nothing but slaves to the landowners. This land sale is one example of the coming future in the ag industry.

 
 
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