And... the ex TWE lease price is reset after the end of the first 5 year term back to 4.5% of the market price of the water rights on commencement of the next 5 year option.
Is this unusual?
Combined with a 4.5% yield fixed at the current price with apparently CPI annual increases this deal does not sound great.
Ann: D2O Acquires $39 million of Water Entitlements, page-11
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