Fund manager buys Lincolnshire farm
Brooks Macdonald Funds has purchased a Lincolnshire farm for more than £2m – a discount of about 7 per cent of the market value.
The farm in Little Steeping, which was bought by the fund manager's Channel Islands-listed UK Agricultural Land Fund, has about 300 acres of grade-two and grade-three arable land.
The fund has had increased interest from investors looking to buy assets which offer long-term security, Brooks Macdonald said.
Over the past 12 months, the fund has seen 6.5 per cent growth.
Martin Robinson, chairman of Brooks Macdonald Funds and director of the fund, said: "The acquisition is a welcome addition to the fund's portfolio.
"As well as being a good strategic fit with existing holdings, the farm has been rented to an existing tenant of the fund nearby, on terms which will enhance the fund's gross yield. The valuation will be reflected in the fund's NAV in January.
"We anticipate making further acquisitions in 2012 as interest in the fund continues to grow."
