11th Apr 2007 07:01
Black Sea Property Fund Limited11 April 2007 For immediate release 11 April 2007 The Black Sea Property Fund Exit from Tsarevo investment The Black Sea Property Fund Limited (the "Fund"), which specialises in thefinancing and sale "off-plan" of apartments in Bulgaria, announces thetermination of its financing agreement relating to a development at Tsarevo, thesmallest of the Fund's initial investments. The Fund has had its capitalinvestment, amounting to €1,140,680, returned as a result of the termination ofthis agreement. High pricing, together with the poor presentation of the site during inspectiontrips, hampered sales at this development. Despite lengthly negotiations betweenthe parties, the Manager and the developer were unable to agree on a way to movethe development forward. The decision was therefore taken to terminate thefinancing agreement and secure the return of the Fund's investment. Chairman of the Fund, Melville Trimble said "Whilst this is not an ideal outcomeand we are disappointed that we have not been able to continue with thisinvestment, this deal constitutes a clean break and allows the Fund to focus itsenergies on its other projects." The Fund is managed by Development Capital Management (Jersey) Limited. For further details please contact:- Development Capital Management Roger HornettAndrew Mitchell020 7355 7600 Buchanan Communications Charles RylandIsabel Podda020 7466 5000 Numis Securities Bruce GarrowIain McDonald020 7260 1000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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