Bulgarian Real Estate Fund Leased Another 2 Million Square Meters of Agricultural Lands

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Bulgarian Real Estate Fund REIT-Sofia has leased another 1.945 mln sq m of agricultural land for a period of one to five business years in the regions of Dobrich, Varna, Silistra, Razgrad, Ruse, Lovech, Pleven, Veliko Tarnovo and Vratza, BSE announced.

The lease is due in the end of each business year. The average lease for the 2006/2007 business year is 14 leva/1000 sq m. So far the company has leased more than 18 mln sq m of agricultural land representing over 50% of the total agricultural lands owned by the real estate fund.

Fund Real Estate Bulgaria REIT recently acquired Commercial Center Doverie Bricolage, Sofia and Commercial Center Doverie Bricolage, Varna for 6 mln euro and 4 mln euro respectively.

Currently the fund has 10-year rent contracts for 54,087 euro and 36,060 euro respectively.

A little more than 12,000 shares of the company changed hands today at an average price of 1.45 leva/share.

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