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11Mar2008
Advance TerraFund with rental contracts for 10 000 ha
For the agricultural year 2007-2008, Advance TerraFund REIT has signed rental contracts for 10 000 ha of agricultural land, which represents 46.2% of the land bought so far. 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 mid-February Advance TerraFund REIT owns land for BGN 67m (or EUR 34.26m), in which value the revaluation of the assets for 2007 is not included. In the total portfolio of the company 83% of the investments are for agricultural land and 17% are for urban land.
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