Agribusiness and water investment company Tandou (ASX: TAN) has purchased 34,585 megalitres of water entitlements for $24.8 million and 7,450 hectares of land near Hay, New South Wales, for $8.4 million.
The acquisition is funded from new bank facilities with existing financiers, National Australia Bank (ASX: NAB).
The water entitlements include Murrumbidgee river general security and supplementary entitlements, and ground water entitlements.
The land, known as “South Farm” includes more than 3,200 hectares developed for row crop irrigation and approximately 12,500 megalitres of water storage facilities.
This is located close to its existing Riverina cropping operations.
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