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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Black Sea | BKSA | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 0.30 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.30 | 0.30 |
| Top Posts |
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Posted at 23/3/2006 12:26 by geoffrey peterstilgoe,thanks for link in your last post. Have recently increased my modest holding in BKSA at 25.72p which is looking like a solid support level. Expect comment in Investors Chronicle tomorrow and Shares magazine next Thursday-(cannot see any reference today). |
Posted at 10/3/2006 00:51 by rambutan2 rns yesterday...Sale of Phase 1 of Magnolia development The Black Sea Property Fund Limited (the "Fund"), which specialises in the financing and sale "off-plan" of luxury holiday apartments in Bulgaria, is pleased to announce the successful sale of Phase 1 of the Magnolia development in the ski resort of Pamporovo. Highlights * Reservations secured in respect of 62 apartments within 5 weeks of launch of sales program. * Eur1,150/m2 average sales price. * Targeted completion of sale of all 3 phases by Autumn 2006. The Chairman of the Fund, Melville Trimble, said "We are very pleased with the early sales of the Magnolia development. The average sales price for this discounted investor launch are encouraging and provide early support for the Fund's investment model". also... numis has a buy rating and 35p target for Black Sea Property. |
Posted at 23/8/2005 02:05 by shiny000 mitzisThis probably explains last week.. Bulgaria Looms as the Next Real-Estate Hotspot: Matthew Lynn Aug. 17 (Bloomberg) -- A villa overlooking the Black Sea? Or a flat in the Bulgarian capital, Sofia? If you happened to be vacationing in the area this year, you might have noticed just how temptingly cheap all those properties for sale are. Now you can take a chance on the market without going to the trouble of dealing with real-estate agents and lawyers. Several recent initial public offerings in London have been designed to raise money for the booming property market of Bulgaria. Some other share sales were aimed at the Russian market. The catch-up between property values in Western and Eastern Europe isn't finished yet. Even as house-price bubbles burst in Western Europe, emerging markets such as Bulgaria may be immune. Rapidly modernizing economies, rising investment and asset prices, and booming tourism, will keep property values climbing for years. In the long term, Eastern Europe's real-estate boom may stall as population growth wanes. Still, that's a long way off. There is certainly no shortage of vehicles to put your money into. In London, several new companies have come to the market in the past few months raising funds to invest in Bulgaria. Black Sea Property Fund Ltd. staged an IPO on London's Alternative Investment Market in March, raising 50 million pounds ($90.6 million) to invest in luxury holiday apartments in Bulgaria. It joined Bulgarian Property Developments Plc, which has been acquiring land for development in the country, which listed on the same market two months earlier. Orchid Developments Group Ltd., a hotel and property development company operating in Bulgaria, listed its shares in London last month. Meanwhile, the Lewis Charles Sofia Property Fund, specializing in developments in and around Sofia, also plans a London share sale. It aims to raise 50 million pounds. `Not Many Avenues' Russia has also been attracting interest from investors wanting to take a punt on Eastern European property. This month, Raven Russia Ltd. raised 153 million pounds in an IPO in London to invest in the Russian property market. That followed the listing of Eastern Property Holdings Ltd. in Switzerland in 2003. That company's share sale produced 50 million Swiss francs ($39.9 million) to put into Russian real estate. ``There's been a lot of interest in this sector this year,'' said Terry Olin, a spokesman for Eastern Property Holdings, in a telephone interview. ``There are not many avenues for private investors to get into this market.'' If the Bulgarian and Russian vehicles work, don't be surprised to see more companies specializing in the rest of emerging Europe. Each enterprise is tapping slightly different markets, yet all of them are trying to take advantage of the same combination of cheap prices and booming economies. European Demand Black Sea Property, for example, is serving the growing trend for Europeans to buy real estate in other countries. ``Last year, 146,000 British people bought properties outside the U.K.,'' said Roger Hornett, London-based manager of the fund's property holdings, in a telephone interview. ``You can buy a two-bedroom luxury flat by the sea in Bulgaria for 40,000 pounds, which is less than the average British house has gone up in value by during the past two years. So we think there is going to be big demand from foreigners for holiday properties in the country.'' Still, just because something is cheap doesn't make it a sure bet. The issue is whether the Russian and Eastern European property markets can keep expanding. Reliable figures on trends in property prices are hard to compile, the U.K.'s Royal Institution of Chartered Surveyors said in its latest review of the market. There is little historical data and not enough information comparing properties over time. Communist Buildings Moreover, much of the housing built under Communist central planning was of such poor quality that it is practically worthless. Most of it will have to be rebuilt. ``Despite little change in rents, investor demand in emerging Europe is surging across the board,'' the institution said. ``The primary driver is expectations for convergence in incomes over the medium to longer term to Western European levels, which will facilitate growth in rents.'' What kind of returns you might expect will vary. Hornett says the Bulgarian market has risen about 40 percent in the past two years. He predicts gains of at least 10 percent annually for the next three years. That may be too optimistic. Still, equity markets across Eastern Europe remain strong. The Bulgarian stock market, for example, is up 32 percent this year. Asset prices are rising fast, and property is unlikely to be left out. Economic Expansion Growth is strong as well. This year, the Bulgarian economy may expand 5 percent, according to a Bloomberg News survey of five economists in August. Inflation is subdued and the government aims to join the European Union by 2007 and to sign up for the euro by 2010. There is little to make investors feel nervous. In parts of Western Europe and the U.K., property prices have surged because of historically low interest rates and rising incomes. It looks like a bubble has developed. In Eastern Europe, real-estate prices are being driven by rapid economic growth and the need to replace low-quality housing. As people get richer, they spend more money on living somewhere nicer. It may be decades before that process is complete. The boom in companies investing in markets such as Bulgaria isn't just a passing fad. Money is there to be made over the next few years -- and buying shares in a listed company is a lot less work than buying a property yourself. |
Posted at 08/8/2005 11:57 by m.t.glass However, I found this article in Bulgaria's SOFIA ECHO dated last Monday (Aug 1) suggesting ongoing investment by outsiders:Prices spike, investment continues Ivan Vatahov HOUSING prices in Bulgaria's regional centres rose 4.3 per cent in the second quarter of 2005 compared to the first quarter. The average price for real estate stood at 730.5 leva per sq m between April and June, up from 700.5 leva the previous quarter, the National Statistical Institute said on July 21. Apartment prices were the highest in the Black Sea city of Varna. The average price there reached 1198 leva per sq m, down 0.2 per cent from Q1. Sofia, where housing prices traditionally have been the highest, came second with 1118.8 leva per sq m, a 2.5 per cent increase. The Black Sea port and resort city, Bourgas, was third with 1113 leva per sq m, a 4.1 per cent incease. The prices of flats in Smolyan (Southern Bulgaria) increased the most, by 33.5 per cent to 553 leva per sq m, followed by Vratsa (North-Western Bulgaria), 24.6 per cent to 451.50 leva, and Kyustendil (South-Western Bulgaria), 17.4 per cent to 371.7 leva. The most significant decreases could be found in Kurdjali (Southern Bulgaria), by 6.9 per cent to 617.8 leva per sq m, in Pernik (Western Bulgaria), by 5.6 per cent to 517.3 leva and Pleven (Northern Bulgaria), by 4.3 per cent to 719.2 leva per sq m. Bulgarian housing prices rose by 47.5 per cent last year to an average of 540 leva per sq m, but real estate brokers say price growth should slow in the next two years. In their view, the Bulgarian real estate market is stabilising. The high demand is also beneficial for banks and property credit. Since the start of 2005 most banks have started offering preferential interest rates. These rates are applicable for one year after obtaining credit, before they begin to increase. Several local and foreign investors announced new plans in July, proving the attractiveness of the local property market. The British Lewis Charles Sofia Property Fund said it sought to raise up to 50 million British pounds (around 72.5 million euro) and invest it in real estate in Bulgaria. The company seeks to raise the cash through an initial public offering on the Alternative Investment Market of the London Stock Exchange (LSE), which provides an opportunity for smaller, growing companies to access investors. The fund will then invest in residential property near Sofia and neighbouring ski resorts, Lewis Charles Sofia Property Fund said in a statement to the LSE. Bulgaria has three major ski resorts, Bansko, Borovets and Pamporovo. The country will seek to modernise its Vitosha ski area, which overlooks Sofia, in line with its application to host the 2014 Winter Olympic Games. The Lewis Charles Sofia Property Fund will back new projects, providing funds to developers. The fund would further be in charge of property sales, the company said. In another move, the German group Wertinvestition said it would enter the Bulgarian real estate market with two projects in Sofia and Bansko. The company is to build a residential complex on a 6224 sq m area in the Mladost 2 neighbourhood in Sofia, comprising six different buildings. As well as apartment buildings, the complex will contain trade centres, office buildings and recreation areas. The second project Wertinvestition will undertake focuses on the construction of vacation buildings in Bansko. The company has already bought a plot in the region. Investment in the two projects will exceed 10 million euro. The company is interested in long-term investment in the country. Karoll, a Bulgarian financial group, said on July 14 it would launch a real estate investment trust that will invest in agricultural land, aiming to achieve an annual yield of 10 to 20 per cent. The trust, Advance Terrafund, will be the second of its kind in Bulgaria. It would be launched with a capital of 500 000 leva, Karoll said in a statement. |
Posted at 21/4/2005 14:06 by mikeriley Does anyone know if any of the original investors at placing are tied in for a period of time or can they sell at any time? i.e. is there a lock-in period? Just curious as a 1,000,000 sell appears to have gone through. |
Posted at 16/3/2005 19:42 by snaptastic just had a read through the prospectus... looks like they are really on the ball, as you would expect re the Bulgarian property market... price is being held back by someone offloading large blocks. Interesting how the MM are soacking up these sells into relatively small retail investor buys.. first sign of the seller having dissapeared and i'm in.. feel certain these will be tipped very soon though... |
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