Bulgarian Real Estate Fund (BREF) was established in December 2004 by top professionals from the financial and real estate sectors in Bulgaria. The management of BREF is provided by Real Estate Management Ltd. (REM), an entity incorporated for the purposes of providing management services to the fund. Pursuant to the BREF’s Partnership Agreement, REM is entitled to manage the Fund’s activity and investment program. It is also in charge to secure book-keeping, legal advisory and real estate services. The company identifies potential investments and developments and provides recommendations regarding the upkeep, refurbishment or disposal of investments. Executive managers of REM are Mr. Kaloian Ninov and Mr. Ivo Petrushev.