Black Sea Property PLC Acquisition of Star Mil EOOD, UIC (3268T)

TIDMBSP

RNS Number : 3268T

Black Sea Property PLC

21 July 2022

Black Sea Property

Acquisition of Star Mil EOOD, UIC

BLACK SEA PROPERTY PLC

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

Acquisition completed

Black Sea Property PLC, the Bulgarian real estate investment company, is pleased to announce that it has completed the purchase of a 100% stake in Star Mil EOOD, UIC ("Star Mil") and acquired all outstanding loans due to its previous parent company, on 18 July 2022 (the "Acquisition"). The total consideration paid for Star Mil is approximately EUR 5.15 million. Star Mil owns the Black Sea Star hotel complex, located in a prime location on the Black Sea Coast, behind the Company's existing site at Camping Gradina. The Acquisition of Star Mil provides opportunities for synergies and economies of scale with the joint development and management of Camping Gradina and Black Sea Star.

The acquisition was part financed through a loan from a leading Bulgarian commercial bank amounting to BGN 8,150,000 (approximately EUR 4.2 million) for the acquisition of all receivables of Star Mil. The funding was secured by a commercial mortgage on the property of Star Mil and the Company agreed to provide additional security to the bank in accordance with normal commercial practice. The Company financed the outstanding EUR 1 million of the consideration by way of cash.

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             [e-mail] 
  Simon Hudd - Chairman 
 PETERHOUSE CAPITAL LIMITED 
  AQSE Corporate Adviser 
  Heena Karani and Duncan Vasey              [phone] 
 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NEXUASRRUBUBUAR

(END) Dow Jones Newswires

July 21, 2022 06:49 ET (10:49 GMT)