Elana Agricultural Land Fund REIT

What Elana Agricultural Land Fund REIT does

Elana Agricultural Land Fund REIT (ELANA Фонд за земеделска земя АДСИЦ) is a publicly listed Bulgarian Special Purpose Investment Company (ADSIC) and real estate investment trust that invests in agricultural land. It was originally incorporated in 2008 as Status Imoti ADSIC, a Sofia-focused residential and commercial real estate vehicle, and was re-positioned in 2020 to specialize in Bulgarian agricultural land. The company is licensed by the Financial Supervision Commission (KFN), trades on the Bulgarian Stock Exchange (ISIN BG1100062063), and is operated as a subsidiary under ELANA Holding AD. Its core product is the single listed REIT vehicle itself, through which shareholders gain exposure to Bulgarian farmland via a regulated, publicly tradable instrument.

The business model is that of a closed-end public investment fund: capital is raised through KFN-approved public prospectuses, deployed into agricultural land assets, and returns are generated through land appreciation, rental income from agricultural tenants, and capital gains on disposition. In 2020 the fund executed two capital increases (up to 50,000 shares at 9.45 BGN in February 2020 and up to 10,500,000 shares at 1.01 BGN in August 2020), divested its main urban asset (a Lyulin retail unit sold for 200,000 BGN in June 2020), and shifted its mandate to farmland. Quoted annual reports, quarterly financial reports, and ESEF-format annual reports are published through KFN and the Bulgarian Stock Exchange, and the company operates a 19-city office network across Bulgaria to support investor relations. No revenue or land-bank size is disclosed in the available data; the company paid its first cash dividend for FY2025 in mid-2026.

Name

Elana Agricultural Land Fund REIT

Legal name

ЕЛАНА Фонд за земеделска земя АДСИЦ

Website

https://efzz.elana.net

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

51–100 employees

Short description

Elana Agricultural Land Fund REIT is a publicly listed Bulgarian Special Purpose Investment Company (ADSIC) that invests in Bulgarian agricultural land, serving retail and institutional investors via shares traded on the Bulgarian Stock Exchange under ELANA Holding AD.

Ownership category

akta.pro rank

Product category

Agricultural Land REIT

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798), Investors, Nec (6799)

akta.pro primary industry

Natural Resources — Farmland & Agriculture (FSAAAKAI)

akta.pro secondary industry

Real Assets — Operating Platforms & Direct Investments (FSAAAKAL)

Keywords

• Agricultural land investment
• Real estate investment trust
• Publicly traded REIT
• Special investment purpose
• Bulgarian stock exchange listing

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices18 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Others

Revenue model

1. Agricultural Land Investment Returns: The fund invests shareholders' capital in agricultural land assets, generating returns through land appreciation, rental income from agricultural tenants, and capital gains upon asset disposition.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Elana Agricultural Land Fund REIT is a publicly listed Bulgarian Special Purpose Investment Company (АДСИЦ/ADSIC) that invests shareholders' capital in agricultural land assets across Bulgaria. The fund generates returns through land appreciation, rental income from agricultural tenants, and capital gains upon asset disposition. Shares are traded on the Bulgarian Stock Exchange and the company is licensed and regulated by the Financial Supervision Commission (КФН).

Product overview

ELANA Agricultural Land Fund REIT is a single unified investment product — a Real Estate Investment Trust structured as a Joint-Stock Company for Special Investment Purpose (ADSIC) in Bulgaria. The fund focuses on acquiring and managing agricultural land. Prior to 2020, the company operated as 'Status Imoti' ADSIC, investing in residential and commercial real estate. Following a transformation, the company sold its non-agricultural assets (stores and apartments in Sofia) and pivoted to agricultural land investment, launching a capital increase to fund this new direction.

Differentiator

Problem solved

Functional benefit

Products and services

• ELANA Agricultural Land Fund REIT (ЕЛАНА Фонд за земеделска земя АДСИЦ) A Bulgarian Real Estate Investment Trust (REIT/АДСИЦ) that invests shareholders' capital in agricultural land assets across Bulgaria, providing public investors with exposure to agricultural land ownership, professional asset management, and stock exchange liquidity.

Quantifiable outcome

• Successfully completed transformation from real estate to agricultural land focus in 2020
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• AgromenagementOOD (Агромениджмънт ООД)coreOthers · 30 June 2020Agromenagement OOD was the buyer of the company's main asset (a shop in Lyulin district, Sofia) for 200,000 BGN, and also assumed the position of buyer in the preliminary sale agreement with ELANA Holding AD through a substitution agreement.
• Best Choice InvestmentOOD (Бест Чойс Инвестмънт ООД)minorImplementation/ SI/ Consulting Partner · 15 July 2010Signed as second servicing company for Status Imoti ADSIC, providing qualified services for investment and securitization of real estate for renewable energy source projects, including measures under the Rural Development Program of the Ministry of Agriculture.
• Status Invest AD (Статус Инвест АД)minorChannel Partner/ Reseller/ DistributorInvestment intermediary that accepted declarations for the 2008 tender offer for Status Imoti ADSIC shares. Also mentioned in historical context as the investment intermediary for minority shareholder transactions.
• InfostockOOD (Инфосток ООД)minorGTM or Marketing PartnerContract signed in February 2011 for publishing specialized corporate information on Infostock's website (infostock.bg), the Bulgarian financial information portal, for regulatory disclosure purposes.

Scale indicators6 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• Gladstone Land Corporation: NASDAQ-listed US farmland REIT that acquires and leases farmland to farmers, providing investors with direct exposure to agricultural real estate. Closely comparable in structure and strategy to Elana Agricultural Land Fund REIT, with the same fundamental business model of agricultural land ownership for rental income and appreciation.
• Farmland Partners Inc. NYSE-listed US farmland REIT that owns and acquires high-quality farmland, then leases to farmers under long-term agreements. Directly comparable as a publicly traded REIT focused on agricultural land rental income, with similar revenue model of land appreciation and tenant rental payments.
• Bonnefield Canadian Farmland Corporation: Canadian farmland investment company that pools capital to acquire and lease farmland across Canada. Closely comparable as a publicly-offered pooled investment vehicle focused on agricultural land for institutional and retail investors.
• Manulife Investment Management Timberland and Agriculture (formerly Hancock): Global institutional investment manager specializing in timberland and farmland direct investments for institutional clients. Comparable as a specialized real-asset investment platform focused on agricultural land, though operating primarily with institutional investors rather than public retail capital.
• Agro REIT AD: Bulgarian special-purpose investment company focused on agricultural land. Directly comparable as a Bulgarian REIT operating in the same agricultural land investment niche, competing for the same pool of Bulgarian farmland assets and public investor capital.
• Westchester Agricultural Asset Management: One of the largest US-based farmland investment managers, acquired by Nuveen in 2018, providing agricultural land acquisition and asset management services. Comparable as a specialized farmland investment platform offering professional management of agricultural real estate portfolios.
• Advance Terrafund REIT (Bulgaria): Bulgarian ADSIC listed on the Bulgarian Stock Exchange focused on agricultural land investment. Closely comparable as a direct Bulgarian competitor operating the same business model (REIT structure, agricultural land focus, KFN regulation) within the same Bulgarian market.
• Cibus Fund (formerly LF Ruffer): European agricultural real estate investment fund focused on acquiring and managing farmland across Europe. Comparable as a specialized pooled farmland investment vehicle, though operating across multiple European geographies rather than Bulgaria-specific.

Regional players

• Broad Street Real Estate Fund ADSI C (BREF): Bulgarian ADSIC (REIT-equivalent) listed on the Bulgarian Stock Exchange focused on commercial real estate. Regional comparable as another Bulgarian publicly traded REIT operating under similar KFN regulatory framework, though focused on commercial rather than agricultural properties.

Others

• Nuveen Natural Capital: Large institutional platform managing timberland, farmland, and natural resource investments. Comparable as a related farmland asset manager (parent of Westchester), representing the broader institutional natural capital investment ecosystem that Elana Agricultural Land Fund operates within.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/elana

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elana Agricultural Land Fund REIT