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16Apr2008
946 900 EUR expected revenues of Advance Terrafund for 2007-2008
For the agricultural year 2007-2008, Advance TerraFund REIT has signed rental contracts for 13 220 ha of agricultural land, which represents 61% of the land bought as of 2007-end. The average rental payment is 14 BGN/dca (or 71.6 EUR/ha) and the total expected amount from rentals is BGN 1 852 000 (or EUR 946 900). For the current year 2007-2008 the rent payments have been insured by the Bulgarian Export Insurance Agency (BEIA). The lease contract signing campaign will last till the end of May, which is the deadline for the agricultural producers to submit their applications for the EU Single Area Payment subsidies.
As of March 31, 2007 the revenues received for the agricultural year 2006-2007 so far are BGN 670 300 (or EUR 342 720).
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