May 2026
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Largest Asset Management Public Companies in Bulgaria
Benchmark revenue and EBITDA valuation multiples for public comps like
Eurohold Bulgaria, 235 Holdings, Advance Terrafund, Bulgarian Real Estate Fund and Sopharma Properties.
 | Eurohold Bulgaria AD is an integrated holding company. The company's segments include Insurance; Energy and Asset management and brokerage. It generates maximum revenue from the Energy segment. The Energy segment includes Sales of electricity; Electricity transmission; Electricity generation and Information, communication, technological, and other services. | $1 | -42% | $325M | $1B | 0.6x | 5.0x | ||
| 235 Holdings AD-Sofia is a Bulgarian based company operate as a real estate service provider. The company is principally engaged in providing property investments and management services. | $29 | -- | $149M | $149M | - | 2440.5x | ||
| Advance Terrafund REIT is engaged in investing in agricultural and urban lands in Bulgaria for the purpose of receiving income from leasing agricultural land to farming companies and selling urban lands to domestic and international investors. | $2 | -54% | $136M | $131M | 17.8x | 108.7x | ||
| Bulgarian Real Estate Fund REIT operates a Bulgarian real estate fund. The Fund is investing the cash funds raised through securities issuance in real property, securitization of real property through the purchase of ownership rights and other real rights over real property, carrying out construction and improvements therein to make it available for management, rent, leasing, and sale. Its objective is to achieve capital appreciation using diversified investments in business buildings, residential and other high-class properties, retail premises, and agricultural land on Bulgaria's territory. The fund's rental income is generated from external customers located in Bulgaria. | $3 | -45% | $109M | $104M | 3.6x | 6.9x | ||
| Sopharma Properties REIT is a special purpose investment company for securitization of real estate. | $5 | -49% | $107M | $107M | 12.5x | 12.7x | ||
| Sila Holding AD is engaged in the acquisition, appraisal, and management of shares, bonds, as well as the licensing of patents in Bulgarian and foreign countries. It also finances other enterprises in which it is a shareholder. The Group operates in the following business segments: financial sector, manufacturing sector, and services sector. | $2 | -45% | $97M | $97M | 129.9x | 27.9x | ||
| Holding Nov Vek AD is engaged in the acquisition, appraisal and managing of shares, bonds, as well as the cession of licenses for patents. Its activities are: securities acquiring, management and sale, evaluation and sale of patent rights. | $13 | -49% | $73M | $73M | 4.7x | 56.6x | ||
| FairPlay Properties REIT is a real estate investment trust. The company's portfolio consists of apartment complexes, hotels, commercial buildings, residential buildings, and offices among others. Some of its projects are Fodder Kitchen, Fodder Plant, Moderato Restaurant, Greenville Hotel and Apartment Houses, and others. | $1 | -56% | $58M | $58M | 1.9x | 4.8x | ||
| Tk Hold is a holding company engaged in purchase and exchange of shares and bonds, and development of acquired businesses. It focuses on restructuring, management, and establishment of its subsidiaries. | $5 | -48% | $43M | $43M | 6.3x | 2.6x | ||
| Bulgarian Private Equity Fund AD Formerly Bulgarian Equity Investment Fund AD is engaged in the acquisition, management & sale of shares in Bulgarian & foreign companies. It also offers commercial mediation & representation, purchase, sale & exchange of real estate, renting & real estate management. | $2 | -45% | $30M | $18M | 35.5x | 21.1x | ||
| MFG Invest AD-Sofia is a holding company bringing together companies in the non-banking financial sector. The group has a portfolio of businesses operating in consumer lending, credit cards, P2P investments, and other alternative financial services sectors. It engages in intermediation and consulting activities, commercial representation, brokerage, acquisition, and management of shareholdings. | $2 | +55% | $24M | $24M | 154.2x | 14.6x | ||
| Bravo Property Fund REIT-Sofia is a special purpose investment company for securitization of real estate. It is engaged in raising funds through the issuance of securities and subsequent investment of the raised funds in real estate and real estate rights, carrying out construction, improvements and furnishing in the latter. | $1 | -42% | $23M | $23M | - | - | ||
| Tiz Invest AD business activities are the Purchase of goods or other items for resale in original, foreign trade activities, transactions with real estate and property rights thereon, hotel and restaurant activities, transport activities, and representation and brokerage. | $13 | +35% | $18M | $18M | - | - | ||
| Severcoop Gamza Holding AD-Sofia is a Bulgaria based company. Its activities include acquisition, management, evaluation, and sale of a participation in Bulgarian and foreign companies; financing of companies in which it participates; and providing loans to companies in which it has control. | $3 | -45% | $14M | $14M | 12.3x | 4.7x | ||
| VF Alternative AD-Sofia operates as an alternative investment funds company. The company is engaged in investment and commercial transactions, sale and redemption of stakes or shares, advisory services on investment and commercial transactions. | -- | -- | $14M | $14M | - | (107.0x) | ||
| Phoenix Capital Holding AD is engaged in the acquisition of real estate, its management (including rental and construction works and improvements) and sale of the property. The company focuses on residential properties, office buildings, and holiday properties and hotels. | $1,048 | -48% | $13M | $13M | 8.7x | 3.9x | ||
| Intercapital Property Development REIT is an investment company for real estate securitization. The company functions as a collective investment scheme for real estate investments and its investment projects include Marina Cape and Grand Borovetz. Its operations are conducted throughout the region of Bulgaria. | $0 | -13% | $10M | $10M | 52.9x | 12.5x | ||
| Webit Investment Network AD-Varna is an investment holding company. It invests and acquires shares in start-up companies. | $1 | +101% | $9M | $9M | - | (16.9x) | ||
| Futures Capital AD provides foreign direct investments in the real estate, leisure, healthcare, infrastructure, energy, and technology sectors. | $20 | -44% | $8M | $8M | 32.5x | 39.3x | ||
| Advance Equity Holding AD Sofia is an investment company. The company focuses its investments on new start-up companies that have high growth potential. | $0 | -- | $8M | $11M | - | - | ||
| Bul Land Inv Re is an investment company for securitization of agricultural land. The objective is to provide shareholders with a growing value of the company's shares and current income through the distribution of dividends. | $1 | -45% | $8M | $8M | 28.7x | 66.0x | ||
| Aktiv Properties REIT is a joint stock company with special investment purpose of securitization of real estate. It carries out the business of investing cash resources, raised by issuing securities into real estates. | $3 | -49% | $7M | $7M | 43.7x | 1.6x | ||
| Magenta Investments REIT is a real estate investment trust (REIT) with a portfolio of commercial, office, residential and vacational properties and land plots in Bulgaria. The fund assets are fully invested in nearly 6 projects. | $1 | -48% | $3M | $3M | - | (92.8x) | ||
| Sever Holding AD main activity of the holding is related to the acquisition, management, evaluation and sale of participations in Bulgarian and foreign companies; acquisition, management and sale of bonds; acquisition, evaluation and sale of patents; and assignment of licenses for the use of patents to companies. | $2 | +5% | $2M | $43M | 9.8x | 17.7x | ||
| Fund Estates REIT is engaged in the securitization of real estate. The scope of activity of the company includes fundraising through the issuance of securities and subsequent investment of the raised funds in real estate and real rights on real estates, construction works, improvements and furnishing in the latter, in order to provide them with management, rent, lease or lease and/or subsequent sale. | $0 | +110% | $1M | $12M | 15.8x | 12.4x | ||
| Median | $2 | -45% | $18M | $18M | 14.1x | 12.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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