November 16 (SeeNews) - Bulgaria's Advance Terrafund REIT [BUL:ATER] said that it purchased 78.8 hectares of agricultural land in October at an average price of 7,454 euro ($7,767) per hectare.
Advance Terrafund REIT received final instalments on two contracts dating from 2017 for the sale of 41.5 ha of agricultural land, the company said in a stock exchange filing on Tuesday. It did not sign any contracts for land sales last month.
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The REIT expects to book rental revenue of about 4.62 million euro in the 2022-2023 crop year which began on October 1, up from 3.1 million euro in the previous agricultural year. The company forecasts an average yield of roughly 294.40 euro per hectare.
The real estate owner has collected 24% of the rents for the current crop year, and 99.5% for the previous one, it said.
At the end of September, Advance Terrafund REIT owned about 18,667 ha of farm land, as well as 6.08 ha of urban land.
The average monthly price per hectare of acquired agricultural land increased by a quarter in October, after declining 22% in September, data provided by the real estate investment trust showed.
As at 1238 CET on Wednesday, shares in Advance Terrafund REIT traded flat at 2.98 levs ($1.58/1.52 euro) on the Sofia bourse.
($ = 0.9597 euro)