Local real estate investment trust FairPlay Properties, a unit of property developer FairPlay International, said it has paid 4.5 mln levs to acquire 63,000 sq m of land in the land area of Sapareva Bania, a town in Western Bulgaria. The REIT said it plans to increase the area of company-owned land in the area to over 10 ha. The land will be developed into a balneological complex. FairPlay Properties executive director Manyu Moravenov said the development of spa centers will create opportunities to partner up with health insurance companies. The company plans to invest 50 mln levs in a vacation complex in Panichishte, a resort area in the Sapareva Bania municipality. The 32,000 sq m development has municipal approval and should be completed by 2010. The FairPlay Properties pipeline also includes a vacation village near Sozopol, an apartment complex in Sandanski, the St Ivan Rilski vacation complex in ski resort Bansko and two hotels in Chernomorets