Alterra Ltd (ASX:1AG) (Alterra or the Company) is pleased to announce that the buyerâ€™s finance has been approved to purchase 913 hectares of its Dambadgee Springs property.
As a result, Contract 1 valued at $1.6 million is expected to be settled on or before 10 July 2020.
Contract 2, valued at $1.5 million, remains subject to conditions relating to boundary changes and approvals and is expected to settle on or before 20th January 2021.
The buyer is leasing the area contained in Contract 2 for the 2020 cropping season.
Post Contract 2 settlement, Alterra will retain 727 hectares. This includes the $2.5 million contracted income from Yandin Wind Farm as well as surface water resources with development potential for livestock, plantation forestry and carbon forestry.
The partial sale of this non-core asset will assist Alterra to advance development operations at the Companyâ€™s Carpenters Project in Pemberton, which is a world class avocado development opportunity.