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Black Sea Property (BSP)

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Friday 12 January, 2018

Black Sea Property

Acquisition of Land on the Black Sea Coast

RNS Number : 6788B
Black Sea Property PLC
12 January 2018
 

 

BLACK SEA PROPERTY PLC

("Black Sea Property" or the "Company")

 

Acquisition of Land on the Black Sea Coast

 

Further to the announcement on 19 December 2017, Black Sea Property PLC, the Bulgarian real estate investment company, is pleased to announce that it has acquired 100% of Camping Gradina EOOD ("CGE") including all assets and liabilities. CGE owns four plots of land situated next to each other with a total area of 63,193 sq.m., with permission to develop a camping complex. The four plots are located at the beachfront on the Black Sea Coast, close to the City of Sozopol.

 

The Company has paid EUR 2.76 million in consideration for 100% of CGE. In addition, the Company has invested EUR 3.37 million direct into CGE, to enable the redevelopment of the camping site and for associated costs. The financial statements of CGE for the year ended 31 December 2017 are being prepared and, following publication of its audited results, summarised financials will be announced by the Company.

 

Alex Borrelli, Chairman of Black Sea Property, stated, "We are delighted to have secured this investment, following the recommendation of Phoenix Capital Management, the Company's property investment adviser. We believe CGE can be developed during the first half of 2018 into a high-quality holiday camp on an attractive area of the Black Sea coast.  The net funds raised in December 2017 will enable us to complete our plans for the development of the site." 

 

The Directors of the issuer accept responsibility for the contents of this announcement.

 

For further information, please visit www.blackseapropertyplc.com or contact the following:

 

 

BLACK SEA PROPERTY PLC

Alex Borrelli -  Chairman

 

+44(0) 774 702 0600

PETERHOUSE CORPORATE FINANCE LIMITED

NEX Corporate Adviser

Heena Karani, Fungai Ndoro and Duncan Vasey

+44 (0) 207 469 0930

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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