Black Sea Property Plc

Black Sea Property PLC is a real estate company with a focus on investments in Bulgaria. The Board is seeking to create a diverse portfolio of opportunistic and value-added assets and may look at opportunities and investments in neighbouring countries.

The Board will seek to invest in:

Distressed residential projects, primarily in the largest cities in Bulgaria, which are close to completion and capable of generating sales revenue within 12 months from the initial investment;

Commercial buildings, primarily in Sofia, with opportunities to improve occupancy;

Hotels and holiday homes with opportunities to improve operations and cost structure; and

Distressed companies and assets that need restructuring and further financing, capable of offering a high growth potential.

The targeted size of each individual investment is anticipated to be in the range 5-20 per cent of the overall funds under management. The Company intends to use gearing levels of up to 70 per cent loan to value when acquiring real estate assets.