Notice from International Finance Corporation


In February 2021, following the end of its investment mandate, IFC concluded its equity participation in the largest publicly traded farmland REIT in Bulgaria - Advance TerraFund – by selling IFC’s stake to Karoll Finance, the management company of Advance TerraFund.


Since 2008, IFC had been the anchor investor in the Fund and as such had casted its vote of confidence to the management of Advance TerraFund that turned the Fund into one of the most successful ventures on the Bulgarian Stock Exchange. Over the last decade, the management team of the Fund has accomplished its vision of bringing better transparency to the Bulgarian agricultural land market, improving the local farmland management practices and delivering sustainable returns to its investors in a societal impactful way.


Now that IFC’s equity investment in the Fund has successfully completed its goals, IFC is pleased to sell its stake to Karoll Finance, confident that Karoll will continue its professional and socially responsible management of the Fund in a professional and socially-responsible way, in the best interest of all its stakeholders. IFC remains open for exploring its next fruitful collaboration with Karoll.

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