Agro Finance REIT (

) has acquired 802 hectares of agricultural land in November and by the end of the month controlled a total of 6,187 hectares, or 14.91% more than in the preceding month. The company has an investment portfolio worth 17.81 mln leva (9.106 mln euros).

The fund acquired some 725.5 ha of land in October, and 616 ha in September.

Thus the total amount of investment in land stands at 13.83 mln leva at an average acquisition price of 223.52 leva per 1000 m2.

On November 30, the fund's portfolio consisted of 96.04% of arable land belonging to categories from 1-6 (land in Bulgaria is categorized on scale of 1 – 10; 1 being the most fertile). Agro Finance invests primarily in 1-6 category land. 8.66% of land acquired in November is category 1 and 2.

The structure of the portfolio in terms of regions remains unchanged. 91.95% of the fund's land is situated in one of the three priority regions – northwestern, north central, and north eastern.
Almost 98.35% of arable land is arable and is in the process of renting or leasing.

Agro Finanace REIT is planning to double its capital by increasing it from 16.138 mln leva to 32.276 mln leva via issue of 16.138 mln shares with an issue value of 1.20 leva. The company will invest the money in purchases of arable land with the aim of consolidating and leasing it.

Shares dropped 1.54% to 1.275 leva today.