Advance Terrafund Negotiating For An 8 Mln Leva Credit

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Advance Terrafund ()  is negotiating for a bank credit in the amount of 8 mln leva (2.045 mln euros), BSE reports.

This year the fund has invested a little over 23.4 mln leva (11.964 mln euros) in land acquisition throughout the country. 82% of the funds have been invested in agricultural land and 18% in urban land.

The average acquisition price stands at 212 leva (adjusted for acquisition costs). The company invests mainly in arable land category 1 to 6, 99.5% of acquired parcels fall into these categories (1 being the most suitable for cultivation in a scale of 1 to 10).

At the end of July 2007, Advance Terrafund REIT owns 192,500 decares. The average acquisition price in August was 259 leva/decare.

The REIT has signed lease contracts for a total of 67,875 decares, or 54.73% of all land purchased before the end of 2006, according to data from 30 August 2007. The average price of rents and leases so far stands at 11.17 leva/decare. The company expects revenues from rent and leasing contracts it has signed so far to amount to 758,464 leva (387,796 euros).

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