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Bulgaria's Advance Terrafund REIT buys 47.8 ha of land in July

Bulgaria's Advance Terrafund REIT buys 47.8 ha of land in July Author: Vupik. License: All rights reserved.

SOFIA (Bulgaria), August 16 (SeeNews) - Bulgaria's Advance Terrafund REIT [BUL:ATER] said that it purchased 47.8 hectares of agricultural land at an average price of 8,666 euro ($8,788) per hectare in July.

Advance Terrafund REIT did not carry out any land sales over the past month, the company said in a stock exchange filing on Monday.

The REIT expects to book rental revenue of about 3.07 million euro for the 2021-2022 crop year, with an average yield of 213 euro per hectare. By the end of July, the real estate investment trust had collected 51% of the projected annual rental revenue for this year and 90.3% of receivables due for the 2020-2021 crop year.

At the end of last month, Advance Terrafund REIT owned about 18,550 ha of farm land as well as 6.08 ha of urban land.

The average monthly price per hectare of acquired agricultural land went down by 6.15% in July, after jumping 30% between May and June, data provided by the real estate investment trust showed.

As at 1445 CEST on Tuesday, shares in Advance Terrafund REIT traded 0.34% higher at 2.98 levs ($1.54/1.52 euro) on the Sofia bourse.

($ = 0.9857 euro)