Reits Stock Of Arable Land Reaches 60 000 Ha

The collective agricultural land assets of the Bulgarian real estate investment funds (REITs) reached 60 000 ha in late February, Dnevnik daily reported on March 17, quoting data made available by the biggest funds on the market.

Elana Agricultural Land Opportunity leads the pack with 25 800 ha after adding 490 ha in February. It is followed by Advance Terrafund with 21 700 ha, unchanged in comparison with end-January.

Elana Agricultural Land Opportunity said it has leased 64 per cent of its portfolio or 16 000 ha. It is followed once again by Advance Terrafund with 10 000 ha or 46.2 per cent of its holdings.

The only REIT to provide a forecast for its lease revenues in 2008 was Elana Agricultural Land Opportunity. The company said it leased land at 128 leva a hectare for the agricultural 2007/2008 and should reap over two million leva in revenues.propertywisebulgaria.com