19.08.2008

Advance Terrafund, the Bulgarian real estate investment trust (REIT), said its agricultural land totaled 24 300 ha at the end of July, up 500 ha month-on-month and 5300 ha year-on-year.

The average acquisition cost was reported at 2590 leva/ha, up four per cent year-on-year.

Land lease revenues reached 682 600 leva for the agricultural year ended in July. The REIT said it has leased 70 per cent of its land stock for the next agricultural season with lease revenues estimated at 2.1 million leva.

The company's rights issue started trading on the Sofia bourse on August 14. The minimum subscription target for the issue is 25 million new shares. Full subscription will ensure a capital increase to 110.14 million leva. Some 2.8 million of the rights have already changed hands at a price of 0.01 leva.