UPDATE 1-BrasilAgro buys $54.5 mln farm in top Brazilian grain-producing state
(Adds details of purchase, changes story identification tag)
SAO PAULO, Sept 15 - Brazilian agriculture company BrasilAgro said on Thursday it has agreed to buy a farm in Mato Grosso, the country's top grain-producing state, for 285.6 million reais ($54.5 million).
In a securities filing, the company said the price it was paying for the 10,800-hectare property was the equivalent of 302 bags of soybeans per useful hectare, and that it would pay in two installments.
"This transaction was important for us to diversify and expand our presence in the state of Mato Grosso, one of the most important in the production of commodities in the world, and guarantee the growth of our productive area," the company said.
Of Panamby Farm's 10,800 hectares, 5,400 hectares are considered usable area, 80% of which are suitable for a second crop in the same year. It also has levels of clay soil, rainfall and altitude that allow the cultivation of grains and cotton.
Earlier this month, BrasilAgro said the value of its 275,412 hectare land portfolio amounted to 3.3 billion reais, according to an internal assessment, without including the latest Mato Grosso purchase.
The company operates in six Brazilian states, as well as Paraguay and Bolivia. Over the last harvest, it incorporated new leased areas to produce crops.
The company plans to plant 7.5% more soybeans in the new 2022/23 crop, expanding this to 67,300 hectares. ($1 = 5.2413 reais) (Reporting by Roberto Samora in Sao Paulo Editing by Matthew Lewis)
