Investors subscribed rights issued by Advance Terrafund REIT worth 90 mln leva (46 mln euros) during the company's capital increase campaign. According to the prospectus, this is enough to render the capital hike successful.

A total of 33,129,509 rights have been blocked during the largest SPO in Eastern Europe. This means that 10,926,549 rights will be auctioned on September 5, Karoll investment intermediary said.

International Financial Corporation, a member of the World Bank group, is one of the largest new shareholders. Petercom Belgium remains a large shareholder.

„The results are more than excellent in view of the current situation of the capital market. We assume that some investors will be evaluating their portfolios in the days left before the auction, so we are expecting the attracted funds to top 90 mln leva,“ CEO Radoslav Manolov said.

The payment deadline is 18 September, when the exact number of new shares to be added to the capital will be announced. Trade in the new shares starts in November, Karoll Jsc said.

Advance Terrafund currently owns a little over 247,000 decares of agricultural land, which according to July data is valued at 100 mln leva, or 2.27 leva/share. The company has leased out 151,000 decares (70% of all land acquired as at the end of 2007) for the agricultural 2007 – 2008. The average price is 14 leva/decare. The company will collect some 2,100,000 leva from lease contracts.

Since its establishment in 2005, Advance Terrafund REIT has completed four successful capital hikes. In August 2005 the company made the initial mandatory increase by 150,000 shares at a par and issue value of 1 lev. The second hike was in October 2005, when investors subscribed 10,400,000 shares at a par value of 1 lev. In April 2006 the company placed 11,086,729 shares at a par value of 1 lev and issue value of 1.20 leva. The forth increase was completed at the beginning of 2007 when 21,969,329 share were placed at 1.25 leva.