Assets of REIT Funds in Bulgaria Valued at a Total of 1.29 Billion Leva

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Assets of REIT Funds in Bulgaria Valued at a Total of 1.29 Billion Leva

As at the end of 2007 the combined balanced value of assets of real estate investment trusts in Bulgaria stood at 1.29 bln leva (659.5 mln euros). Buildings and facilities have the greatest share of the funds' portfolios – 27.36%, or 351.11 mln leva (179.5 mln euros), according to data provided by the Financial Supervision Commission (FSC).

Agricultural land accounts for 21.03% of the funds' assets, or 269.8 mln leva (137.9 mln euros).

The third most popular type of asset is investment properties (land plots), which constitute some 16.92% of all assets as at December 2007. The percentage translates into 217.08 mln leva (110.9 mln euros).

According to the FSC, the funds have cash in the amount of 127.96 mln leva (65.4 mln euros), 9.97% of total assets.

Here is more detailed information on the 57 REITs in Bulgaria and their portfolios.

The six funds investing in agricultural land control assets of combined worth of 468.5 mln leva (239.5 mln euros). Land accounts for 269.8 mln leva (137.9 mln euros) of the total figure.

Elana Agricultural Land Opportunity REIT tops the list here with investment properties worth 141.13 mln leva (72.15 mln euros). Next are Advance Terrafund REIT with land worth 91.93 mln leva (47 mln euros) and BulLand Investments with 70.32 mln leva (35.9 mln euros).

The six funds mentioned have 26.82 mln leva (13.71 mln euros) of their assets in cash. Elana Fund has 10.6 mln leva (5.4 mln euros) and Mel Invest has 5.44 mln leva (2.78 mln euros). Advance Terrafund has just 514,000 leva in cash.

Among funds investing in assets other than arable land, number one is Fair Play Properties REIT with a balanced 84.99 mln leva (43.4 mln euros).

Second and third respectively are Singular REIT (79.81 mln leva, 40.8 mln euros) and Prime Property Bg REIT (73.17 mln leva, 37.4 mln euros).

Singular REIT has cash in the amount of 15.9 mln leva (8.12 mln euros), while Intercapital Property Development REIT controls 11.45 mln leva (5.85 mln euros), and Sofia Real Estate REIT has 10.63 mln leva (5.43 mln euros).

The last two control a total of 66.99 mln leva (34.2 mln euros) and 11.81 mln leva (6.03 mln euros) respectively.

More details are given in the table below:

Name PropertiesFinancial assetsAssets Total
Fair Play Properties
74.88

1.455

84.99
Singular63.62
15.90

79.81
Prime Property
57.46

9.00

73.17
Intercapital Property Development
49.35

11.46

66.99
Health and Wellness58.14

2.67
62.69
Universal Properties
42.01
7.58

54.79
BenchMark Properties Fund
33.00
6.65
47.59
SerdicaProperties
34.84

0.31

41.54
ERG Capital 337.75
2.35

40.12
Active Properties
20.08

10.46

36.81
Sopharma Properties
19.90

0.66
26.61
Black Sea Investment
15.06
1.21

24.96
Exclusive Property
22.10

0.46

22.82
Luk
19.77

0.90

21.80
ERG Capital 2
15.52
1.71

17.27
Park
14.07

1.42

16.29
Super Borovetz Property Fund8.62

0.03
13.81
ERG Capital 110.63

1.34
12.00
Sofia Real Estate REIT
0.00

10.63

11.81
Quantum Developments
7.96
1.39
9.72
Invest Property7.96

1.56

9.52
Colos 15.47
0.34

6.23
Paldin Lion Group2.00
3.83

5.99
City Development
0.00

1.16

2.89
Liam
2.76
0.04
2.81
Alpha Property
1.88

0.10

2.45
Solid Invest2.26

0.00

2.28
Expat Properties
0.00
2.00
2.00
SII Properties
1.34

0.00

1.34
Balkan and Sea Properties
1.20

0.02
1.22
HBG Investment Properties0.61

0.40

1.20
Forukom Property Fund
0.70

0.07

0.96
CCB Real Estate Fund0.00
0.44

0.94
United properties
0.45

0.01
0.94
Premier Fund0.37

0.46
0.85
FINI Fund
0.57

0.00
0.82
Properties Capitals Funds
0.00

0.01
0.77
Bulgarian Investment Fund
0.63

0.01
0.71
Zenith Properties
0.39
0.30

0.69
PRC
0.00

0.65
0.65
Status Properties
0.00

0.63

0.63
Effekten und Finanz
0.00
0.63
0.63
Globex Estate Fund0.08
0.52

0.61
DIT Property 0.00
0.55

0.55
Property Fund
0.00

0.00
0.50
Sopharma Buildings
0.00

0.00
0.49
City Properties
0.00
0.48

0.48

Source: The Financial Supervision Commission (in million BGN),

At the end of 2007, the funds on the segment of securitization of liabilities, controlled assets in the amount of 11.03 mln leva (5.63 mln euros). This list includes Fund for Energetics and Energy Savings (FEEI) REIT, Alpha Credit, Hyundai Finance and Ulpina.

FEEI REIT is the leader in terms of assets in this group with 6.48 mln leva, followed by Alpha Credit (1.98 mln leva), Ulpina (1.53 mln leva) and Hyundai Finanse (1.03 mln leva).

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