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This afternoon NZRL announced to the market that it had entered into a unconditional agreement to purchase the properties, totaling 3500 hectares, from Dairy Farms Partnership (DFP).
There are 17 houses, 5 dairy sheds and multiple ancillary buildings on the farms.
The properties will be leased back on a short term deal to the vendor until May 31 2022.
On June 1 2022, WHL Capital Ltd will take over the lease for an initial term of 10 years with two 10 year rights of renewal.
Today's announcement is NZRL's second major purchase of South Island farms.
In April it purchased 14 South Canterbury and North Otago farms following the receivership of high-profile dairy group Van Leeuwen Group (VGL) for $114 million.
NZRL has been granted a waiver by NZ RegCo from being required to obtain shareholder approval to the transaction.
This afternoon the company's share price was trading around $1.120/share.
The sale is expected to settle on November 10.