By End of 2008 Members of Bulgarian Association of Agricultural Land Owners Will Possess 2 mln Decares of Land

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The Bulgarian Association of Owners of Agricultural Land expects its members to have a total of 2 mln decares of land by end of 2008/beginning of 2009, Veselin Petrov, CEO of Elana Property Management said today at the Investment in Agricultural Land Forum.

The Association's 7 members currently control a total of 1 mln decares. The association was founded at the end of February by seven companies, five of which public.

These are Elana Agricultural Opportunity REIT, Advance Terrafund REIT, Bulgarian Properties REIT, BulLand Investments REIT, Mel Invest Agricultural Land REIT, Agricultural land Jsc, and Vinprom Peshtera JSC.

The aim of the association is facilitating the process of consolidation of arable land in Bulgaria, effective development of land resources, providing conditions for modern development of agriculture in Bulgaria, as well as protection of the interests of land owners in the country.

Radoslav Manolov from Advance Terrafund said he expects new members to join the association soon. According to the statute, candidates to join in are required to posses at least 500 hectares of land and to be recommended by at least two members.

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