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Bulgaria's Advance Terrafund buys 131.1 ha of land in September

Bulgaria's Advance Terrafund buys 131.1 ha of land in September oticki/Shutterstock.com

SOFIA (Bulgaria), October 15 (SeeNews) - Bulgaria's Advance Terrafund REIT [BUL:ATER] said on Friday that it purchased 131.1 hectares of agricultural land at an average price of 6,718 euro ($7,800) per hectare in September.

Advance Terrafund REIT sold 1,804.7 ha of farm land in September, the company said in a stock exchange filing.

The company also received the final payments under lease agreements dating back to 2016 for 520.3 ha of agricultural land, it added.

The REIT expects to book rental revenue of 3.5 million euro for the 2020/2021 agricultural year. By the end of September, 71.4% of the projected rental revenue was collected.

At the end of September, the real estate investment trust owned 18,528 ha of farm land, including land sold on deferred payment terms but still owned by the company, and 6.08 ha of urban land.

($ = 0.8619 euro)

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