Black Sea Property PLC Acquisition of Star Mil EOOD, UIC (3268T)
21 Julho 2022 - 7:49AM
UK Regulatory
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 simon.hudd@d3ainvestments.com
Simon Hudd - Chairman
PETERHOUSE CAPITAL LIMITED
AQSE Corporate Adviser
Heena Karani and Duncan Vasey +44 (0) 207 469 0930
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END
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July 21, 2022 06:49 ET (10:49 GMT)
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