It advised the NZX share market the acquisitions were settled on June 1 and that all assets were leased out to experienced tenants for terms of at least 10 years and that lease income would be $6.1m.
The $10.3m large Southland farm has been leased to Fortuna Group, which operates 18 dairy farms in the region.
The 14 farms further north were purchased from the Van Leeuwen Group, currently in receivership, and its financier for $112.5m and will continue operation under the management of next-generation members of the Van Leeuwen family.
Three tenant companies have been set up with two rural professionals as independent directors in common.
They are farm succession consultant Mark Heer, formerly head of rural banking for ASB, and business consultant Paul Tocker, a former head of Crop and Food Research.
Sustainable Grass Dairy, with three farms and 2250 cows, has Wilma van Leeuwen junior as general manager.
Performance Dairy comprises five farms, including large cow barns carrying 4500 cows, plus replacements under Dion van Leeuwen.
Performance Livestock is six support farms totalling 3339ha under Rodney van Leeuwen.
Parents Aad and Wilma are non-executive directors.
NZRLC director Chris Swasbrook says the 14 Van Leeuwen farms had cows in place and began the new season in good operational condition.
“The asset positions of those three lessees meet our strict criteria,” Swasbrook said.
The 1.25% transaction fees, amounting to $1.65m, were payable to NZ Rural Land Management, 50% owned by Allied Farmers.
NZRLC is part way through a rights offer to raise an additional $44.3m of capital to the $75m secured by the initial public offer in December.
The offer is a two-for-three shares renounceable right at $1.10 each, a small discount on the current $1.13 share price.
NZRLC shares were listed at $1.25 and fell as low as $1.10 in May before recovering slightly.
The rights are currently tradable and the offer closes on June 23.
