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16Oct2007
Advance Terrafund expects rental income of 72 EUR/ha for 2008
In September Advance Terrafund REIT has started the campaign for renting out its agricultural land for the economic year 2007-2008. The company’s forecast for the average rentals in the new rent contracts is for 72 EUR/ha.
As of September 30, 2007 Advance TerraFund REIT owns in total 20 000 ha of agricultural land. The average acquisition price for the month is 2 500 BGN/ha or 1 278 EUR/ha. 55% of the acquired land, or about 11 000 ha are rented out.
Since the beginning of 2007 Advance TerraFund REIT has invested over BGN 25m (or EUR 12.8m) for land acquisitions across the country. In the total portfolio of the company 83% of the investments are for agriland and 17% are for urban land.
The company succeeded to consolidate 105 plots into 1 new plot with total size of 90 ha, by a swap in Haskovo district. Advance Terrafund REIT has signed a bank loan agreement for BGN 8m (EUR 4.06m) with ING Bank to acquire new land in pursuance of its investment strategy and prospectus.
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