ELANA Agricultural Land Opportunity Fund (ELARG) was set up in 2005, as the first Bulgarian real estate investment trust (REIT) for investments in agricultural land.

ELARG’s objectives are purchasing agricultural land, consolidating it and leasing the already consolidated plots aiming to increase the equity and market value of the fund in order to provide shareholders with as high dividends as possible. The acquired land will be sold out after 2011, unless the fund’s shareholders decide to extend its life after 2012.

As of November 2008, the fund has acquired 29 310 hectares of land in several regions in the country at an average price of 1120 euro per hectare. The Fund plans to invest in about 30 000 hectares of agricultural land by the end of 2008 and in about 35 000 and 40 000 hectares at the end of 2009 and 2010 respectively.


In 2006, ELANA Agricultural Land Opportunity Fund was named financial product of the year at the Banks, Investments, Money annual financial forum.

     Monthly update as of November 30th 2008

Dear shareholders, ELANA Agricultural Land Opportunity Fund has managed to gain the trust of more than 1,000 shareholders, which is a great honor and responsibility to us. We know how important it is for you to regularly receive detailed information about the fund’s activities. That’s why, in addition to the regular quarterly financial statements, we are going to provide you with additional information regarding the fund’s activities. Please, do not hesitate to contact us at e-mail: elarg@elana.net. Georgi Georgiev Investment Relations Director ELANA Agricultural Land Opportunity Fund