September 17 (SeeNews) - Bulgaria's Advance Terrafund REIT [BUL:6A6] said on Monday that it bough 90 hectares of agricultural land at an average price of 5,011 euro ($5,837) per ha in August.
At the end of August, the real estate investment trust owned 22,392 ha of farmland and 13.3 ha of urban land, Advance Terrafund said in a bourse filing.
Advance Terrafund did not sell any farmland in August, the company noted.
Advance Terrafund's strategy envisages owning a total of 22,500 ha of farm land at the end of 2018, of which 83% are expected to be leased for the 2018/2019 agricultural year.
The REIT leased 15,866 ha of agricultural land, or 81.3% of its total portfolio, for the 2017/2018 agricultural year. The company's revenue from lease of farm land amounted to 3.18 million euro for the 2017/2018 agricultural year.
As at 9:00 CET on Monday, Advance Terrafund shares traded unchanged from their previous closing price at 2.05 levs on the Bulgarian Stock Exchange.
($ = 0.8584 euro)