New Zealand Rural Land Company

What New Zealand Rural Land Company does

New Zealand Rural Land Company Limited (NZL) is an NZX-listed (and Frankfurt dual-listed) rural land investment company incorporated in New Zealand in December 2020. The company owns approximately 17,457 hectares of pastoral, horticultural, and forestry land across New Zealand, leasing it to quality agricultural tenants under long-term, CPI-linked triple net leases with a weighted average lease term of approximately 12 years. NZL does not operate farms itself; it owns only the land, deliberately separating land ownership from operational farming risk. The portfolio spans dairy and sheep/beef farms in Canterbury, Southland, and Otago, apple and pear orchards in Hawke's Bay and Central Otago operated by Kiwi Crunch, and forestry estates in Manawatu-Whanganui leased to NZ Forest Leasing, Nateva, and MM Forests under the New Zealand Emissions Trading Scheme.

NZL generates cash income from these leases, supplemented by long-term land value appreciation (New Zealand farm values have compounded at approximately 6.6% annually since 1996 per REINZ data). It is externally managed by New Zealand Rural Land Management Limited (NZRLM), a wholly-owned subsidiary of Allied Farmers Limited, with Richard Milsom (founder of Allied Farmers) and Shelley Ruha (Chair of Allied Farmers) bridging both entities. The company is governed as a Listed Property Vehicle with a non-standard NZX designation protecting it from Overseas Investment Act consent requirements.

The company accesses capital through NZX equity raises (IPO of NZ$150M in 2020, NZ$44.3M rights issue in 2021, NZ$120M in 2022, NZ$15M in 2023) and the January 2024 sale of a 25% portfolio interest to Roc Partners. Shares are distributed to institutional investors via Jarden and Craigs Investment Partners, and to retail investors through Sharesies. The Enduring Land for Life Sustainability Programme is contractually embedded in all leases, covering environmental, animal welfare, mana whenua, and governance obligations.

Name

New Zealand Rural Land Company

Legal name

New Zealand Rural Land Company Limited

Website

https://nzrlc.co.nz

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

New Zealand Rural Land Company (NZX: NZL) is an NZX-listed investment vehicle that owns 17,457 hectares of pastoral, horticultural, and forestry land across New Zealand and leases it to agricultural tenants under long-term CPI-linked triple net leases, delivering income and land appreciation to retail and institutional investors.

Ownership category

akta.pro rank

Product category

Rural Land Investment (Listed Property Vehicle)

NAICS

Lessors of Real Estate (5311), Lessors of Other Real Estate Property (53119)

SIC

Real Estate Dealers (For Their Own Account) (6532), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Natural Resources — Farmland & Agriculture (FSAAAKAI)

akta.pro secondary industries

Timberland Asset Management (Institutional/Private) (AFAMAKAA), Natural Resources Funds (Timberland, Farmland, Minerals) (FSANAEAK)

Keywords

• Rural land investment
• Agricultural land leasing
• Forestry land assets
• Horticulture land portfolio
• Listed property vehicle

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Lease Income from Rural Land: NZL generates cash income from long-term leases to high-quality agricultural, horticultural, and forestry tenants. Leases are structured as triple net leases where tenants pay property taxes, insurance, and maintenance. Pastoral leases undergo CPI review every three years; horticultural and forestry leases undergo annual CPI review. Returns are generated through cash income plus land value appreciation.
2. Land Value Appreciation: Over almost thirty years, New Zealand farm values have risen at a +6.6% compound annual growth rate (REINZ data since 1996). This capital appreciation supplements cash lease returns. The world's growing population and declining productive agricultural land underpin long-term land value growth.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

New Zealand Rural Land Company owns a diversified portfolio of pastoral, horticultural, and forestry land across New Zealand and leases it to high-quality agricultural tenants under long-term, CPI-linked triple net leases. The company offers investors liquid NZX-listed exposure to New Zealand rural land without direct farming operational risk, generating returns through cash lease income plus land value appreciation.

Product overview

New Zealand Rural Land Company (NZL) is an NZX-listed rural land investment company structured as a Listed Property Vehicle (LPV), offering investors access to a diversified portfolio of New Zealand agricultural, horticultural, and forestry land. The company does not operate farms — it owns only the land, leasing it to quality tenants under triple net, long-term CPI-linked leases (WALT approximately 12 years). The product portfolio comprises three core land-use categories: (1) Pastoral farmland across Canterbury, Southland, and Otago for dairy, sheep, and beef production; (2) Horticultural land in Hawke's Bay and Otago for premium apple and pear production; and (3) Forestry land in the Manawatu-Whanganui region managed under the ETS with a native regeneration programme. Ancillary offerings include the Enduring Land for Life Sustainability Programme (a binding contractual sustainability framework for tenants) and a Native Regeneration & Carbon Sequestration Programme. Investors access the portfolio through listed shares on the NZX and Frankfurt Stock Exchange, with dividends funded by lease income.

Differentiator

Problem solved

Functional benefit

Products and services

• NZL Pastoral Land Portfolio Ownership of pastoral farmland (dairy, sheep, and beef) leased to farming operators under long-term, CPI-linked triple net leases. Portfolio spans Canterbury, Southland, Otago, and South Canterbury regions with farms ranging from 142 Ha to 1,644 Ha. Lease yields derive from pastoral operations and include CPI-linked rent reviews every three years.
• NZL Horticultural Land Portfolio Ownership of horticultural land (apple orchards and pears) leased to specialist operators under long-term leases. Includes Twyford Orchard in Hawke's Bay (97 Ha) operated by Kiwi Crunch and Southern Orchard in Otago (126 Ha). Horticultural lease yields typically run approximately 8% per annum.
• NZL Forestry Land Portfolio

Quantifiable outcome

• +6.6% compound annual growth rate in NZ farm values over ~30 years (REINZ data since 1996)
• +3 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• NatevacoreStrategic or Co-development PartnerNateva is New Zealand's largest forestry participant in the ETS and MM Forests Limited. They lease approximately $119 million in forestry land (5,488 ha) from NZL across the southern North Island. The partnership generates rental income for NZL while Nateva manages ETS carbon sequestration operations.
• NZ Forest Leasing (NZFL)coreStrategic or Co-development PartnerNZFL is the largest forestry participant in New Zealand's ETS. Together, NZL and NZFL have developed a pioneering forestry programme combining pine trees as nurse crops for native regeneration, delivering biodiversity gains and carbon sequestration while generating rental income. NZFL operates New Zealand's largest private pest control network (880+ traps).
• Kiwi CrunchcoreStrategic or Co-development PartnerKiwi Crunch leases 97 hectares of premium orchards in Hawke's Bay from NZL. Led by director Wade Glass and COO Nigel Hope, the company is actively upgrading orchards with premium varieties including Piqa Boo pears and Popstar apples, investing in technology (pruning machinery, mowing robots, packhouse scanners), and managing the full supply chain including RSE accommodation.
• Manaaki Whenua – Landcare ResearchminorStrategic or Co-development PartnerNZL joined a research initiative led by Manaaki Whenua – Landcare Research to establish a national soil carbon benchmarking and monitoring system. NZL contributed two farms (Toi Puke in Otago and Browns in Southland) for participation alongside 500 sites across New Zealand. The research aims to understand how farming practices impact soil carbon sequestration.
• JardencoreChannel Partner/ Reseller/ DistributorJarden is a New Zealand investment bank and brokerage that distributes NZL shares to institutional investors. Listed as a key broker partner on the NZL website alongside Craigs IP and Sharesies.
• Craigs Investment PartnerscoreChannel Partner/ Reseller/ DistributorCraigs IP is a New Zealand brokerage providing investment services and distributes NZL shares to investors. Listed alongside Jarden and Sharesies as key broker partners.
• SharesiescoreChannel Partner/ Reseller/ DistributorSharesies is a New Zealand online investment platform enabling retail investors to access NZX-listed securities including NZL shares. Provides self-service investment channel for individual investors.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Kiwi Property Group: NZX-listed retail and mixed-use property group (KPG). Comparable as an NZX-listed property investment vehicle with similar distribution partners, regulatory framework (NZX listing rules), and dividend-driven investor base, though focused on retail and commercial rather than rural assets.
• Goodman Property Trust: NZX-listed industrial property trust (GMT) and one of NZ's largest listed property vehicles. Comparable as a domestic LPV peer on the NZX with similar investor base, distribution channels (Jarden, Craigs IP), and listed-property governance structure, though focused on industrial rather than rural real estate.
• Arvida Group: NZX-listed retirement village and aged care operator (ARV) with property ownership and lease/operating models. Comparable as an NZX-listed property operator with similar small-management-team structure and dividend-focused investor base.
• Vital Healthcare Property Trust: NZX-listed healthcare property trust (VHP) owning hospitals and medical facilities leased to operators. Comparable as an NZX-listed property vehicle with triple-net-style leases to specialist tenants, but focused on healthcare rather than primary sector real estate.
• Stride Property Group: NZX-listed commercial property group (SPG) owning office and retail assets. Comparable as a domestic NZX-listed LPV peer with similar broker distribution network, though focused on commercial real estate rather than primary sector assets.

Direct peers

• Gladstone Land Corporation: NASDAQ-listed US farmland REIT (LAND) specialising in high-value permanent crops (berries, nuts, vegetables) leased to operators. Directly comparable to NZL's horticulture strategy (premium orchard assets, long leases, no operational exposure).
• Rural Funds Group: ASX-listed Australian agricultural trust (RFF) that owns farmland, almond orchards, cotton, and water entitlements leased to operators under long-term agreements. Closest international comparable to NZL's pure-play farmland LPV model with CPI-linked leases and capital recycling via stapled securities.
• Farmland Partners Inc: NYSE-listed US farmland REIT (FPI) that acquires and leases row crop and permanent crop farmland. Closest US-listed direct comparable to NZL given its land-ownership-only model, leasing to farmers, and focus on long-duration agricultural real assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about New Zealand Rural Land Company