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Bulgaria's Advance Terrafund REIT buys 62 ha of farmland in July

Bulgaria's Advance Terrafund REIT buys 62 ha of farmland in July oticki/Shutterstock.com

SOFIA (Bulgaria), August 15 (SeeNews) -  Bulgaria's Advance Terrafund REIT [BUL:6A6] said on Thursday that it has purchased 62 hectares of agricultural land at an average price of 5,245 euro ($5,850) per ha in July.

During the same month, Advance Terrafund sold 55.1 ha under deferred payment terms at a price of 8,181 euro per ha, the real estate investment trust said in a bourse filing.

In addition, the REIT sold in advance a further 102.2 ha of farmland under deferred payment contracts from previous years for an undisclosed price.

At the end of July, Advance Terrafund owned 23,011 ha of farmland, including land sold on deferred payment terms but still owned by the REIT, and 13.3 ha of urban land.

By the end of July, the REIT had leased 16,875 ha of agricultural land, or 84.5% of its total land intended for that purpose, for the 2018/2019 agricultural year. The average rent price was 196.16 euro per ha.

The company expects to book 3.3 million euro in rental revenue for the 2018/2019 agricultural year.

($ = 0.89661 euro)

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