Advance Terrafund REIT Owns Land Worth 66 mln leva

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Advance Terrafund REIT Owns Land Worth 66 mln leva

The land in the portfolio of Advance Terrafund REIT () is worth a total of 66 mln leva (33.745 mln euros), 2007 reevaluation of assets not included in the calculation. 83% of investments is in agricultural land and 17% in urban land, a filing to BSE reveals.

99.5% of agricultural land is category 1-6.

In terms of regions, land is distributed as follows: 44% in northeastern Bulgaria, 30% in north central region, 15% in northwest Bulgaria, 8% in south central region and 3% in southeast Bulgaria.

At the end of November Advance Terrafund REIT controlled 217,000 decare of arable land. The average acquisition price in November stood at 270 leva per decare, 217 leva when adjusted for all acquisition costs.

The company recently substituted 33 agricultural land plots in the region of Galabovo, district of Stara Zagora for 2 municipal plots with a total area of 204 decare. The fund has so far made 5 substitution in the areas of Stara Zagora, Sliven and Haskovo, and as a result has consolidated a total of 2,067 decares.

Revenue from lease contracts for the agricultural 2006 – 2007 stood at 364,442 leva on November 30. Payment of rents must be completed by end of December.

Advance Terrafund has signed lease contracts for the first two months of the agricultural 2007 – 2008 – October and November for 35,450 decare, or 16.3% of all land plots. The company's receivables from agricultural producers and lease contracts are insured with the Bulgarian Agency on Export Insurance.

5,526 shares have changed hands so far on the BSE, the average price has not changed and remains at 2 leva.

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