Black Sea Property - EUR7 Million Debt Funding Secured
RNS Number : 7319T
Black Sea Property PLC
16 October 2017
 

 

BLACK SEA PROPERTY PLC

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

 

€7 million Debt Funding Secured

 

Black Sea Property PLC, the Bulgarian real estate investment company, is pleased to announce that it has secured debt funding of €7 million from UniCredit Bulbank AD ("UniCredit"), a leading Bulgarian commercial bank ("Debt Funding").

 

The Debt Funding and the 5.4 million equity funding, which was announced on 2 October 2017, will be used to complete the acquisition from UniCredit of the office building at 1, Ivan Vazov Street, Sofia (the "Acquisition"). As previously announced, the total consideration for the Acquisition is EUR 10,520,000, of which the deposit of EUR 1,043,000 has been paid to date.

 

The Debt Funding from UniCredit will be secured by a commercial mortgage on the property being acquired and the Company has agreed to provide additional security to UniCredit in accordance with normal commercial practice. The term of the Debt Funding is thirty-six months from date of execution of the loan documentation. 

 

The Board is liaising with UniCredit to complete the Acquisition and intends to update the market shortly.

 

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 Exchange Corporate Adviser

Heena Karani, Fungai Ndoro and Duncan Vasey

+44 (0) 207 469 0930

 

 


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