Black Sea Property PLC Lending for the acquisition of Star Mil EOOD, UIC (3385S)

TIDMBSP

RNS Number : 3385S

Black Sea Property PLC

13 July 2022

Black Sea Property

Lending agreed for the acquisition of Star Mil EOOD, UIC

RNS Number:

Black Sea Property PLC

13 July 2022

BLACK SEA PROPERTY PLC

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

Lending agreed

Black Sea Property PLC, the Bulgarian real estate investment company, is pleased to announce that it has agreed and entered into lending terms with a leading Bulgarian commercial bank for payment of part of the price for the acquisition of all receivables of Star Mil EOOD, UIC ("Star Mil"). The acquisition involves purchasing a 100 % stake in Star Mil and acquiring all loans, due to its previous parent company. The total consideration payable 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 investment proposal represents the opportunity to achieve synergy and optimization with the joint development and management of Camping Gradina and Black Sea Star.

The bank has agreed to lend the Company up to BGN 8,150,000 (approximately EUR 4.2 million) for payment of part of the price for the acquisition of all receivables of Star Mil. The funding will be secured by a commercial mortgage on the property of Star Mil and the Company has agreed to provide additional security to the bank in accordance with normal commercial practice. The Company shall further finance the acquisition of Star Mil by way of a cash investment amounting to EUR 1 million.

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] 
 

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July 13, 2022 05:52 ET (09:52 GMT)