by Mario Tanev
SOFIA (Bulgaria) - Bulgaria's Advance Terrafund REIT [BUL:6A6] said on Monday that it purchased 69.5 hectares of agricultural land at an average price of 5,455 euro ($6,151) per ha in June.
During the month, Advance Terrafund sold 34.3 ha under a deferred payment contract at a price of 8,463 euro per ha, the real estate investment trust said in a bourse filing.
In addition, the REIT sold in advance a further 48.3 ha of farmland under deferred payment contracts from previous years for an undisclosed price.
At the end of June, Advance Terrafund owned 23,017 ha of farmland and 13.3 ha of urban land.
By the end of June, the REIT had leased 16,875 ha of agricultural land, or 84.5% of its total land intended for that purpose, for the 2018/2019 agricultural year. The average rent price was 196.16 euro per ha.
The company expects to book 3.3 million euro in rental revenue for the 2018/2019 agricultural year.