Issue of Equity

The Black Sea Property Fund Limited

("Black Sea" or the "Company")

Completion of Placing

Further to the announcement of 15 July 2015, the Board of Black Sea is pleased to announce that it has completed a placing to raise £1,520,000 before expenses.

The placing, by the Company's broker, Peterhouse Corporate Finance Limited, is of 152,000,000 new ordinary shares (the "Placing Shares") at a price of 1p per share and is with new and existing shareholders. The Placing Shares rank pari passu in all respects with the Company's existing ordinary shares and represent approximately 41.63% of the Company's enlarged issued share capital.

The Company intends to use the net proceeds to acquire property assets in Bulgaria in accordance with the Company's Investing Policy and for general working capital purposes.  Once the Company has implemented its investing policy, it will apply to have the suspension of trading in the Company's shares on AIM lifted. The Directors expect the Company to have implemented its investing policy before the end of the calendar year.

Application will be made for the Placing Shares to be admitted to trading on AIM in conjunction with the lifting of the suspension. Following the issue of the Placing Shares, the Company's total issued share capital is 365,112,896 ordinary shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

For further information please contact:

The Black Sea Property Fund Limited

Alex Borrelli, Chairman Tel: +44 7747 020600

Cairn Financial Advisers LLP Tel: +44 20 7148 7900

Nominated Adviser

Sandy Jamieson, Emma Earl

Peterhouse Corporate Finance Limited Tel: + 44 20 7469 0930

Sole broker

Heena Karani, Charles Goodfellow