About the Association

With pronouncement № 1/ 11/02/2011 of Company case 728/2010 of Sofia City Court has been registered “SPECIAL INVESTMENT PURPOSE COMPANIES` ASSOCIATION” (АДСИЦ/ SIPCA).

The Association is a representative association of the Companies, holding s license in accordance with the Low on Special Investment Companies. The Low sets up the regulation of the Real Estate Investment Funds (REIT) and other Special Purpose Funds (SPIF) that invest in receivables.

The management of the SIPCA consists of five-member Management board. Chairman of the management board is Biris Borisov - CEO of “Sopharma Properties” REIT. 

The main objectives of SIPCA are:

  • to protect the professional and economical interests of its members,
  • to increase the knowledge and understanding to issues concerning the investing in real estates and receivables both in the Capital market community and inbetween the private investors, the medias and all the other factors, that influence the capital and the Real estate markets;
  • to clarify and advocate the main principals of the Investment process in Bulgaria;
  • to propose and to avoid, communicating with the Authorities, projects for changes in Legislation concerning the special investment companies, the investment process and the Capital market, aiming the creation of the appropriate legal order of rules, protecting the investors in Bulgaria and the rights of the members of the Association;
  • to cooperate about the regulation of the professional and collegial relations between the companies with special investment purpose – members of the Association, for improving the positive reputation of the Association and its members;
  • to help in increasing the professional qualification of the employees and the associates to its members, as well as to help for the development of the informational environment concerning the problems that meet the special investment companies, and the investment process.


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