30th Mar 2015 10:30
LONDON (Alliance News) - The Black Sea Property Fund Ltd on Monday said its net asset value plunged in 2014 as it continued to realise the remaining assets in the portfolio and said it still sees opportunities in the Bulgarian market.
The property fund said its net asset value at the end of December was GBP187,925, or 0.1 pence per share, compared with GBP3.2 million or 1.5 pence per share a year earlier. The company had been set to have liquidated its assets by the end of December, before a planned winding up.
The company said it still sees opportunities to invest in the Bulgarian residential real estate, holiday homes, commercial real estate and distressed real estate markets and it set to hold an extraordinary general meeting next month to vote on a change to its investing policy to focus on the Bulgarian property market.
Shares in the fund dropped heavily on Monday, down 43% to 0.2 pence per share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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