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Tasman Agriculture sells more properties

By Ben Dutton

Tuesday 10th October 2000

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Listed corporate dairy farmer Tasman Agriculture has sold six Canterbury properties to agriculturist Alan Pye for $34.25 million - a transaction that has been called the largest single rural real estate sale this year.

Tasman Agriculture's CEO Ray Parker said that his company was very happy with the transaction. "We are delighted that the properties have been sold to very sound and established local agricultural interests," Mr Parker said.

The Pye family operate one of Australasia's largest potato growing enterprises and have interests in South Island diary units. "I acquired these properties on the basis of their excellent soil type, location and standard of improvements," Alan Pye said.

This transaction follows on from previous property sales and takes the total amount of sales to $64.59 million since the first dairy farm auction at the beginning of September this year.

"We are pretty happy with how the sales process has started" says Parker. "To sell around $65 million worth of property in just under six weeks is a fairly good effort, particularly as we have a number of other offers currently on the table for consideration."

In early September Mr Parker gave an indication of a strong buyers market for the farms and questioned whether the sharemarket was valuing TasAg fairly considering its asset backing.

TasAg was up two cents on small turnover today to close at $1.28.

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