I recall the interview interview David last year and it was stated that they will only look at an aquasition if it can be value added. Whether that is through new pasture , irrigation or other. He also went on to say that sheep farms are hard to find as there wasn't the value adding potential but if something came up they would definitely take a look. With a average WALE of ~10years and tenants like TWE I think we are in good hands.
Balanced Discussion of Risks, page-63
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