Black Sea Property PLC Acquisition, Payment & Results update (7186G)
21 Julio 2023 - 1:00AM
UK Regulatory
TIDMBSP
RNS Number : 7186G
Black Sea Property PLC
21 July 2023
21 July 2023
BLACK SEA PROPERTY PLC
("Black Sea Property" or the "Company")
Proposed acquisition of a majority stake in Grand Hotel Varna
AD
Received final payment for the sale of ECDC Group
Acquisition of a majority stake in Grand Hotel Varna AD
Black Sea Property PLC, the Bulgarian real estate investment
company, is pleased to announce that it has signed an agreement to
acquire 98.27% of Grand Hotel Varna AD (the "Acquisition").
Grand Hotel Varna AD wholly owns GHV-Dolphins EAD , a Bulgarian
company which holds the title to real estate comprising three
hotels and a beach marina resort (together, the "Resort"), situated
in a prime location on the Black Sea Coast, with excellent
accessibility. The assets being acquired also include a mutual fund
portfolio, comprising readily realisable investments.
The primary purpose of the Acquisition is to strengthen Black
Sea Property's hospitality investments, adding desirable hotels to
its existing investment in Camping South Beach. Periodic disposals
from the mutual fund portfolio will be utilised to renovate the
Resort, transforming it into an all - year round luxury facility,
which aligns with the Company 's business strategy and existing
assets.
The consideration payable for the Acquisition is EUR 28 million
in cash, of which an initial non-refundable deposit of EUR 1.6
million was paid upon signing of the agreement. The property assets
being acquired have been independently valued at EUR 19 million,
and the mutual fund portfolio is currently valued at EUR 12
million.
To satisfy the balance of the consideration, the Company will
need to raise additional funds. Subject to securing the required
funding, which the Directors are confident of achieving, the
Acquisition is expected to be completed by 30 October 2023. Further
information about the funding will be announced in due course.
Simon Hudd, Chairman of Black Sea Property, stated, "We are
delighted to have secured this major investment in an iconic resort
on the Black Sea Coast. We believe that the hotels of GHV-Dolphins
EAD can be effectively renovated and transformed into high-quality
luxury developments which will enhance shareholder value."
Received final payment for the sale of ECDC Group
Black Sea Property has received the final payment for the sale
of the remaining assets of ECDC Group which the Company sold on 30
September 2021 for a cash consideration of EUR4.5 million.
Audited Final Results for the year ended 31 December 2022
Black Sea Property is working closely with its auditors to
ensure that the financial statements are published as soon as
possible.
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
Simon Hudd - Chairman +44 (0) 7568 605330
PETERHOUSE CAPITAL LIMITED
AQSE Corporate Adviser
Heena Karani and Duncan Vasey +44 (0) 207 469 0930
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END
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