9th Mar 2006 07:01
Black Sea Property Fund Limited09 March 2006 The Black Sea Property Fund Limited 9 March 2006 For immediate release The Black Sea Property Fund Limited Sale of Phase 1 of Magnolia development The Black Sea Property Fund Limited (the "Fund"), which specialises in thefinancing and sale "off-plan" of luxury holiday apartments in Bulgaria, ispleased to announce the successful sale of Phase 1 of the Magnolia developmentin the ski resort of Pamporovo. Highlights • Reservations secured in respect of 62 apartments within 5 weeks of launch of sales program. • Eur1,150/m2 average sales price. • Targeted completion of sale of all 3 phases by Autumn 2006. The Chairman of the Fund, Melville Trimble, said "We are very pleased with the early sales of the Magnolia development. The average sales price for this discounted investor launch are encouraging and provide early support for the Fund's investment model". Details On 21 October 2005 the Fund announced that it had signed a development agreement with developer Magnolia Homes EOOD to finance the construction of 350 upmarket holiday apartments (from a total of 420) in the fast growing ski-resort of Pamporovo in the Rhodope mountain range. It is anticipated that the development will be completed in time for the 2007/ 08 skiing season. The Fund has appointed Global Spaces Limited (an associate of the Manager) to co-ordinate sales via agents of the Magnolia apartments financed by the Fund. Within 5 weeks of the launch of Phase 1, Global Spaces had secured reservations for 62 apartments at an average sales price of Eur1,150/m2 (inclusive of VAT). Global Spaces has targeted completion of all Magnolia sales by Autumn 2006. The Fund's financing for the project is based on a price of Eur577/m2. 40% of this financing will be paid during the construction phase. The Fund is entitled to receive the first Eur230/m2 of net profit on the sale of an apartment and 30% of profit above Eur807/m2. List of Contacts Development Capital ManagementRoger HornettTom Pridmore020 7399 4270 Buchanan CommunicationsCharles Ryland020 7466 5000 Numis SecuritiesCharles Farquhar020 7776 1500 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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