Elana Agrocredit AD (Bulgaria)

Elana Agrocredit AD is a company located in Sofia, Bulgaria. It was incorporated in 2005 and is the first company specialized in financial leasing for agricultural land. The company offers financing for the purchase of agricultural land through financial leasing. In addition to this, Elana Agrocredit AD plans to expand its financing opportunities to include other projects such as irrigation and the purchase of machinery. From 2005 to 2009, the Elana group conducted all its investment activities through its subsidiary Elana Property Management AD, which acquired and managed agricultural land. During this period, Elana Agrocredit AD built a network of over 70 regional representatives for land transactions throughout the country and established relationships with over 2500 agricultural producers. The company purchased 300,000 hectares of agricultural land at an average price of 219 BGN per hectare, making it the largest private owner of agricultural land in Bulgaria after the state. It completed 40,000 land purchase transactions, significantly increasing the market volume from around 30,000 transactions per year before 2005. Elana Agrocredit AD also leased 230,000 hectares of agricultural land to agricultural producers. The shareholders of Elana Fund for Agricultural Land AD received a return on investment of over 150% upon the liquidation of the fund. The fund was a co-founder and the first chairman of the Bulgarian Association of Agricultural Land Owners, which actively works with government institutions and other market participants to create conditions for the development of modern agriculture in the country.