Advance Terrafund Acquires 8,000 Decares of Land At an Avg of 350 leva In April

Advance Terrafund Acquires 8,000 Decares of Land At an Avg of 350 leva In April

Advance Terrafund REIT currently owns land worth a total of 94.8 mln leva (48.4 mln euros), a corporate notice posted on x3news reveals. 75% of the plots in the portfolio are agricultural and 25% urban, the company stated after a recent reevaluation.

As at the end of April the fund controls a total of 225,000 decares of agricultural land acquired at an average of 350 leva/decare. Adjusted for acquisition costs the average price of land in the portfolio stands at 222 leva.

The funds bought 8,000 decares just in April. New parcels acquired during the past 12 months total 67,000 decares.

Revenues from lease contracts for the agricultural 2006-2007 period amount to 682,600 leva, according to data from 30 April.

Advance Terrafund REIT has contracts for the lease of 134,655 decares of land (62.2% of all) for the agricultural 2007-2008 year. The average lease price stands at 14 leva/decare and the total amount the fund will receive is estimated at 1,882,000 leva.

The lease campaign ends in May, which is also the deadline for applying for agricultural subsidies for cultivated land.

The company invests primarily in high fertile land – 99% of its plots fall into category 1 to 6 (on a scale of 10, where 1 is the most fertile). There are no changes in the regional distribution of the land.

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