10th Jan 2007 07:00
Black Sea Property Fund Limited10 January 2007 For Immediate Release 10 January 2007 The Black Sea property Fund Limited Sales Progress Report The Black Sea Property Fund (the "Fund"), which specialises in the financing andsale of holiday apartments in Bulgaria, is pleased to announce good progress onthe sale of apartments in both Pamporovo (in the Rhodope mountains) and Obzor(on the Black Sea coast). • Sales on both resorts at this stage of the campaign are ahead of expectations. • Knight Frank, who are marketing the YooBulgaria Obzor development, report that since marketing commenced on Sunday 19th November through to 5 January 2007, they have received 46, non-binding, non-refundable deposits. • Global Spaces, which leads the marketing campaign on the "Magnolia" complex at Pamporovo, has received 36 similar deposits over the same time period. • Including the first phase at Pamporovo, a total of 125 apartments in these two resorts are under offer to a value of Eu15.2m, which, if completed, will provide a profit of Eu2.5 m to the Fund. Obzor The Knight Frank marketing campaign of the entire first phase (257 apartments)is global, with the agent seeing considerable interest from Moscow.Encouragingly, demand extends to apartments both large and small in this premiumpriced development. Sales prices exceed those in the Manager's model and thefirst contracts are expected to be exchanged during January. Pamporovo Global Spaces and co-agent Avatar have witnessed strong UK demand for the secondphase (105 apartments) on this mountain complex, which boasts the largest spa inBulgaria's ski region. Again prices are above expectations and the firstcontracts are expected to be exchanged during January. Since the marketing campaign began the Manager has received three separateapproaches from Danish, Icelandic and Swedish investment groups seeking premiumapartment stock in the ski regions. There is a shortage of appropriate propertyto satisfy Scandinavian tastes and early stage negotiations are on-going with aview to releasing blocks in this and subsequent phases to meet this demand. For further information please contact: Development Capital management Roger HornettTom Pridmore020 7355 7600 Buchanan Communications Charles RylandIsabel Podda020 7466 5000 Numis Securities Iain McDonaldBruce Garrow020 7776 1500 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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