October 15 (SeeNews) - Bulgaria's Advance Terrafund REIT [BUL:6A6] said on Monday that it bough 89.5 hectares of agricultural land at an average price of 5,215 euro ($6,030) per ha in September.
Advance Terrafund sold 19.5 ha of farmland in September, the real estate investment trust said in a bourse filing.
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The company sold 8.4 ha under a lease contract from 2016 at a price of 8,181 euro per ha. Advance Terrafund did not disclose the price for which it sold the remaining 11.1 ha.
At the end of September, the REIT owned 22,462 ha of farmland and 13.3 ha of urban land, Advance Terrafund said in a bourse filing.
Advance Terrafund's strategy envisages owning a total of 22,500 ha of farm land at the end of 2018, of which 83% are expected to be leased for the 2018/2019 agricultural year.
The REIT leased 15,866 ha of agricultural land, or 81.3% of its total portfolio, for the 2017/2018 agricultural year. The company's revenue from lease of farm land amounted to 3.18 million euro for the 2017/2018 agricultural year.
As at 9:00 CET on Monday, Advance Terrafund shares traded unchanged from their previous closing price at 1.99 levs on the Bulgarian Stock Exchange.
($ = 0.8647 euro)