NZ: T&G plans massive land sale
New Zealand fruit company Turners & Growers (NZX: TUR) has decided to sell large tracts of land as part of a corporate restructuring under new German shareholder BayWa, website Stuff.co.nz reported. 
“We have a number of properties right throughout the length and breadth of the country,” CEO Geoff Hipkins was quoted as saying.
“We’re looking at a number of reasonably significant sales in the tens of millions – they’re reasonably large properties.”
The company’s properties were valued at more than NZ$100 million (US$78.8 million) last year, and at the company’s annual general meeting (AGM) yesterday chairman Klaus Lutz said the properties could be leased back once sold.
He also outlined the possible sale of non-core assets such as shares in McKay Shipping and Alan Blair Properties and flower auction business FloraMax.
He said local add-on acquisitions and consolidations were likely, along with investment in packaging and production facilities.
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