The combined land asset holdings of local real estate investment trusts (REITs) are approaching 60 000 ha, according to financial reports from some of the biggest REITs filed with the Sofia stock exchange.

Elana Agricultural Land Opportunity Fund boasts the biggest farmland portfolio with 25 330 ha as of the end of January. The average acquisition cost is reported at 2 030 leva a hectare.

REITs posted earnings of 47.865 million leva in 2007. No dividend will be distributed as the upside resulted solely from asset revaluations.

The management is planning dividend payments after the rate of leased properties in the company portfolio reaches 90 per cent.

The company has leased 17 000 ha for 2007/2008 at an average price of 130 leva per hectare.

Advance Terrafund manages the second-largest land portfolio with 21 700 ha at the end of January.

The acquisition cost is reported at 2 170 leva a hectare.

The assets of the fund are 83 per cent invested in arable land and 17 per cent in urban plots.

The REIT posted rent and lease revenues of 527 680 leva for the 2006-2007 agricultural year.

The company said it leased 6 947 ha in October, November and December 2007 and January 2008 or 32 per cent of its land purchases. No revenue estimates were available.

In terms of land assets, Elana Agricultural Land Opportunity Fund and Advance Terrafund are followed by Agrofinance with 6 607 ha, FNI Bulgaria with 3 600 ha and Bulland Investments with 1 900 ha.

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