Bulgarian Real Estate Fund

“Bulgarian Real Estate Fund” is a real estate investment trust (“REIT”), headquartered in the capital of Bulgaria-Sofia. It was incorporated in October 2004 and is among the first established Bulgarian REITs. Its history dates back to April 2005, when the Fund got licensed and started operations.

The Fund specializes in strategic property acquisitions and invests exclusively in high-performing real estates, in all property sectors across Bulgaria.

The principal investment objective of the Fund is to provide its shareholders with a combination of current income and long-term appreciation of the common stock value. Its strategy is to acquire, develop, manage and lease properties that have superb potential for cash-flow growth and capital appreciation.

As a public company, BREF is listed on the Bulgarian Stock Exchange(Sofia) and its ticker symbol is “BREF”. The Fund is amongst the largest Bulgarian REITs in terms of raised capital – EUR 38 million.

The Bulgarian Legislation is quite favourable for the local REITs – BREF’s profits are relieved from corporate taxation, but the Fund is obliged to distribute at least 90% of its net income as dividend.

BREF’s activities are monitored and supervised by Bulgarian Financial Supervision Commission (FSC).