Completion of masterplan

RNS Number:7273J
Madara Bulgarian Property Fund
12 December 2007



12th December 2007


        COMPLETION OF BLACK SEA GARDENS MASTER PLAN BY FOSTER + PARTNERS


Madara Bulgarian Property Fund Limited ("Madara" or the "Fund"), which
specialises in high-end developments in  Bulgaria, is pleased to announce
completion of the Master Plan for its Black Sea Gardens project in conjunction
with  its co-developer, BBT Projects EAD, which has been designed by Foster +
Partners, the award-winning international firm  of architects.

The Black Sea Gardens project is a luxury residential development located on the
Black Sea coast south of Varna. Once  completed, the development will comprise
approximately 5,000 residential units, together with a full range of leisure 
facilities, including a marina, spa, and tennis courts.

Black Sea Gardens has been designed as a sustainable development project,
providing a carbon neutral environment for  its residents and guests through the
extensive use of alternative fuel sources and recycling of energy.

Black Sea Gardens represents the first project for Foster + Partners in
Bulgaria. Lord Foster will be present for the  unveiling of the design today at
the opening of a major exhibition devoted to his work in Sofia, Bulgaria.

The project's feasibility study was carried out by Savills (UK) earlier this
year and construction is due to commence  in 2008.

Black Sea Gardens currently represents the largest investment made by the Madara
Bulgarian Property Fund, and the first  to move into development.

Commenting on the collaboration, Scott Perkins, Chief Executive of Madara
Capital LLP, said: "Foster + Partners has an  established international
reputation for commitment to excellence and an uncompromising approach to
design. We believe  that the Black Sea Gardens Master Plan reflects these values
and optimises the special characteristics offered by our  outstanding site at
Byala. The Bulgarian property market continues to grow strongly and we are very
excited to be  moving into the development phase at Byala."



For further information:

Scott Perkins       Madara Capital LLP                 [phone]
Chief Executive

Tom Griffiths       Arbuthnot Securities Limited       [phone]
Richard Wood

Jonathan Gollins    M:Communications                   [phone]
Marylene Guernier


Notes to editors


Madara Bulgarian Property Fund Limited


Madara Bulgarian Property Fund Limited is a Jersey incorporated, limited
liability, closed ended investment fund established in April 2006 to invest in
Bulgarian land and its development and listed on AIM in June 2007. The Fund has
special purpose subsidiary companies in Bulgaria held via a Maltese holding
company to ensure an optimally tax-efficient structure. As well as holiday
accommodation in coastal and ski resorts and city locations, the Fund's projects
are expected to include commercial property and infrastructure.


Madara Capital LLP


Madara Capital LLP, the Investment Adviser to the Madara Bulgarian Property
Fund, is a privately owned LLP registered in the UK. Madara Capital is owned by
its founding directors, by RAB Special Situations (Master) Fund Limited and by
Eddie Jordan. Madara Capital's four executive principals comprise both UK and
Bulgarian resident nationals who collectively have over 35 years real estate
related experience in Bulgaria. There are three non-executive principals, all of
whom are Bulgarian nationals and residents and who act in an advisory capacity
to Madara Capital.


www.madaracapital.com




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