Elana Agricultural Land Fund REIT Owns 183,000 decares of Agricultural Land Towards End of May

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Elana Agricultural Land Fund REIT Owns 183,000 decares of Agricultural Land Towards End of May

Towards 31 May 2007 Elana Agricultural Land Fund REIT has purchased around 183,000 decares of arable land at an average price of 191 leva/decare, all dues included. Another 214 decares of land have been purchased near Sofia - the company intends to change the statute of this parcel and to sell it till the end of the year, BSE reported.

Towards end of May a total of 57 mln leva of the Fund's capital, which stands at 73 mln leva, has been invested in land and an estimated 24,500 parcels have been acquired in the period.

Most of these parcels are situated in the North Central Region of the country – 40% and in the Northeast region – 24%. Investments in the Northwestern and South region account for 19% and 17% of all investments respectively.

Agricultural land in Bulgaria is divided into 10 categories.Categories 1 to 5 represnt the most suitable land for agricultural activities. Most of the properties in the fund's portfolio fall into category 3 and 5.

1-2 category parcels owned by the fund account for 4% of all its land or 7500 decares, 3-5 category parcels account for 84% of its property. 6 category parcels account for 9% and 7 – 10 category land for 3% of all purchased properties.

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