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Advance Terrafund Leases Half Of Land Stock
The total value of the land owned by the company is evaluated at around 68 million leva.
Real estate investment trust (REIT) Advance Terrafund announced that its agricultural land stock stood at 21.7 ha at the end of February 2008, Dnevnik daily reported on March 12.
Lands in north-eastern and north-central Bulgaria formed the greatest share of the REIT's portfolio. Advance Terrafund invests mainly in agricultural land, which forms 83 per cent of its portfolio.
Almost half of the inventory were leased for the 2007-2008 farming year. Lease and rental income for 2006-2007 topped 627 000 leva.
The average acquisition cost is 2170 leva a ha, up from 2000 leva a ha two years ago. The total value of the land owned by the company is evaluated at around 68 million leva.