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Bulgaria's Advance Terrafund REIT buys 64 ha of land in May

Jun 17, 2024, 3:37:54 PMArticle by Mihaela Miteva
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June 17 (SeeNews) - Bulgaria's Advance Terrafund REIT [BUL:ATER] said on Monday that it purchased 64 hectares (ha) of agricultural land in May at an average price of 9,919 euro ($10,600) per hectare.

Bulgaria's Advance Terrafund REIT buys 64 ha of land in May
Photo by Tomas Hudolin on Unsplash

The company did not sell any land last month, Advance Terrafund said in a stock exchange filing.

The fund expects to book rental revenue of 4.86 million euro in the 2023-2024 crop year, which began on October 1, compared to 4.13 million euro in the previous crop year. By the end of May, Advance Terrafund had collected 25.7% of the rents for the current crop year and 90% for the prior one.

At the end of last month, the company owned about 17,990 ha of farmland and 6.08 ha of urban land.

As of 1434 CEST on Monday, shares in Advance Terrafund REIT traded 0.31% lower at 3.19 levs ($1.74/1.63 euro) on the Bulgarian Stock Exchange.

($ = 0.9358 euro)

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