Plenty Unlimited Inc., a Bay Area indoor agriculture company that is building a $300 million vertical farming campus in Chesterfield County, said Tuesday it is partnering with San Diego’s Realty Income Corp. (NYSE: O) for its future real estate deals.
Under the agreement, Realty Income will acquire the land and provide development funding for the first farm at Plenty’s Richmond-area campus. The property will then be leased back to Plenty under a long-term net lease. The two companies said they will forge similar deals on future facilities, including in international markets. The San Diego real estate investment trust, which trades on the New York Stock Exchange, has more than 11,700 properties in its portfolio.
The companies said their agreement provides for up to $1 billion in development opportunities.
“The predictability and positive unit economics of Plenty’s farms make it possible for us to utilize more traditional forms of funding, such as this strategic alliance with Realty…
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