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AgResearch to purchase Canesis Network land

AgResearch to purchase Canesis Network land and buildings

6 October 2006

AgResearch today announced that it had agreed to buy the land and buildings that make up the Canesis Network Ltd Lincoln campus from the Wool Research Organisation of New Zealand (WRONZ).

The announcement comes after AgResearch disclosed last week that it would, subject to approval by its shareholding Ministers and satisfactory due diligence, purchase the assets of Canesis Network.

The purchase, also subject to due diligence and shareholder approval, will mean that AgResearch will acquire about 5½ hectares of land zoned for research and education facilities. There are a range of buildings on the site containing office, laboratory, engineering and warehouse space with total building space of just over 13,000 square meters.

"While Canesis currently has around 130 staff on site, in the past the number has been up to about 185. This means that sufficient space exists to almost immediately accommodate many of AgResearch's approximately 75 staff currently located in leased space at Crop & Food's Lincoln site," said AgResearch Chief Financial Officer Geoff Balme. In due course, with some reconfiguration and refurbishment, all of AgResearch's Lincoln staff will be relocated to the Canesis campus.

"This will make AgResearch's Lincoln campus one of New Zealand's larger research campuses. The site has excellent road frontage and will help to reinforce AgResearch's presence at Lincoln and in the Canterbury/South Island area," he said.

ENDS

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