Advance Terrafund REIT Takes An 8 Mln Leva Credit

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Advance Terrafund REIT has taken an 8 mln leva (4.060 mln euros) credit from ING Bank, The Netherlands, Amsterdam, via its branch in Sofia. The loan will be acquired in stages.

The company will use the funds to acquire new land plots in pursuance of its investment strategy and prospectus.

Advance Terrafund REIT () owns a total of 192,500 decares of land, according to July 31 data. The company has invested 82% of the funds in its portfolio in agricultural land, and 18% in urban land properties.

The average price of all land plots stands at 212 leva (adjusted for acquisition costs). The company invests primarily in highly fertile land. 99.5% of land plots fall into categories 1to 6 (land in Bulgaria is categorized on a scale from 1- 10 in terms of fertility).

According to August 30 data, Advance Terrafund REIT has signed contracts for the lease of 67,875 decares of land, which is 54.73% of all land purchases till December 2006.

The average lease price is 11.17 leva/decare. The company expects to generate 758,464 leva from the lease contracts it signed so far.

48,852 shares changed hands on the position today at 2.20 leva.

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