Advance Terrafund REIT Owns 200,000 Decares Of Arable Land

At the end of September, Advance Terrafund REIT () owned 200,000 decares of arable land according to BSE.

The fund has invested 25 mln leva (12.782 mln euros)  in acquisitions of land plots year-to-date. Agricultural terrains take up 93% of the fund's portfolio, and urban land – 17%.

The average acquisition price stands at 212 leva/decare (adjusted for all costs), the average acquisition price for this Agust is 250 leva.

The company invests primarily in good quality arable land – 99.5% of purchased plots fall into categories 1 – 6 (on the scale of 1 – 10, 1 being the most fertile).

In terms of regions the land is allocated as follows: 45% in north-eastern Bulgaria, 29% in the northern central region, 15% in the north western, 8% in the south central region, and 3% in southeastern Bulgaria. Nearly 55% of the land has been leased out.

The company has acquired 105 land plots into one massive property near Haskovo with a total area of 900 decares in a barter deal.

Advance Terrafund has also negotiated an 8 mln leva bank credit from ING Bank in order to finance further land acquisitions in compliance with its investemnt staretgy and prospectus.

In September the company started a campaign for the lease out of land for the agricultural 2007 – 2008 season.

276,086 have changed hands so far today at an average of 2.17 leva/share.

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