American Farmland announces new hire, $65 million land deals

American Farmland Co. (AFC) has entered three binding purchase and sale agreements to acquire farms for an aggregate of $65 million.

The company also hired Andreas Spitzer as executive vice president of finance with the goal of transitioning to chief financial officer.

“Either of these events alone would be a significant accomplishment, and to announce both in the span of one week underscores our goal to grow AFC strategically, opportunistically and methodically into a major diversified publicly traded farmland [Real Estate Investment Trust],” AFC Chief Executive Officer Thomas Gimbel said.

On Thursday, subsidiaries of AFC entered as buyers into binding agreements with Sun Dial Farms LLC and affiliates to purchase 2,186 gross acres and 1,729 net plantable acres, distributed between seven mature permanent crop farmland properties in multiple California counties. Crops on the farmlands include almonds, prunes, lemons and other citrus. The price was $65 million in cash on hand and loans, and closing is expected in January.

Also effective in January is Spitzer's appointment.

“We welcome Andreas and know he will be valuable to our strategy of generating income as we continue to grow,” Gimbel said.

Organizations in this story

American Farmland Company 10 E 53rd St New York, NY - 10022

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