Olam sells farmland assets to American firm for US$110m

Singapore

OLAM International said on Friday it has sold 5,100 acres (2,060 hectares) of its farmland assets to Farmland Partners Inc (FPI), a listed US farmland real estate investment trust, for US$110 million in cash. Olam has also entered into a revenue-sharing model with FPI for its edible nuts orchards in California, where it will pay the latter a share of the annual revenue, while it continues to operate the orchards for a period of 25 years.

FPI owns and seeks to acquire farmland throughout North America. It owns more than 300 farms with 154,000 acres across 17 states.