Assiniboia Farmland Limited Partnership closes transaction for the sale of its farmland portfolio

REGINA, Jan. 10, 2014 /CNW/ - Assiniboia Farmland Limited Partnership (Assiniboia, or the Partnership) is pleased to announce that it has completed the previously announced transaction to sell its farmland portfolio to Canada Pension Plan Investment Board (CPPIB) pursuant to an Asset and Share Purchase Agreement dated December 11, 2013. Under the terms of the agreement, CPPIB has acquired Assiniboia's farmland portfolio for a purchase price of up to $128,000,000 CAD, subject to final adjustments. The portfolio includes approximately 115,000 acres of farmland located throughout Saskatchewan. The existing management team will continue to manage the portfolio.

From the sale proceeds, Assiniboia has paid out all its creditors, with the balance of the purchase price to be distributed to the Limited Partners and the General Partner pro-rata based upon their respective shares. Each Limited Partner of record as of December 11, 2013, will receive an initial cash distribution of $52.50 per Unit, to be followed by subsequent smaller distributions as the Partnership is wound up.

Assiniboia President Doug Emsley said, "This sale brings to completion a plan established in 2005 - to build a large portfolio of farmland in Saskatchewan for sale to a large Canadian institutional investor. Now this portfolio is effectively owned by Canadians for the benefit of all Canadians."

About Assiniboia Farmland Limited Partnership
Headquartered in Regina, Saskatchewan, Assiniboia Farmland Limited Partnership was established in 2005 to provide investors with a turn-key opportunity to gain exposure to Saskatchewan farmland with the stated intention of creating a liquidity event for investors within a reasonable window of time. Assiniboia is the largest farmland investment fund in Canada, as measured by acres. For more information about Assiniboia, please visit www.assiniboiacapital.com.

Additional information about Assiniboia is available on SEDAR (www.sedar.com).

Caution Regarding Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation.  Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. In addition, the forward-looking information contained in this news release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this news release is made as of the date first set out above and, except as required under applicable securities legislation, Assiniboia assumes no obligation to update or revise such information to reflect new events or circumstances. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.

SOURCE: Assiniboia Farmland Limited Partnership

Doug Emsley
President and Chief Executive Officer
Assiniboia Farmland Limited Partnership
[phone]
[email protected] 

Brad Farquhar
Vice President
Assiniboia Farmland Limited Partnership
[phone]
[email protected]