January 16 (SeeNews) - Bulgaria's Advance Terrafund REIT [BUL:ATER] said on Monday it purchased 121.5 hectares (ha) of agricultural land in December at an average price of 9,367 euro ($10,124) per hectare.
In 2022, the company bought a total 930.4 ha of farm land at an an average price of 8,084 euro, it said in a stock exchange filing.
In December, the REIT sold 817.2 hectares of agricultural land at 14,316 euro per hectare. The firm added it has concluded deferred payment contracts for the sale of 78 hectares, which should be finalised between 2023 and 2025.
The REIT expects to book rental revenue of about 4.1 million euro in the 2022-2023 crop year, which began on October 1, compared with 3.1 million euro in the previous crop year.
At the end of December, Advance Terrafund owned about 18,013 ha of farm land, as well as 6.08 ha of urban land.
The average monthly price per hectare of acquired agricultural land climbed by 4.59% in December after staying stable in November.
As at CET 1032 on Monday, shares in Advance Terrafund traded 0.88% lower at 3.37 levs on the Bulgarian Stock Exchange.
($ = 0.9254 euro)