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Black Sea Property PLC - property developer in Bulgaria - Acquires 98.27% majority stake in Grand Hotel Varna AD, owner of Bulgarian company GHV-Dolphins EAD which has three hotels and a beach marine resort on the Black Sea Coast. The acquisition consideration is €28 million in cash, of which an initial non-refundable deposit of €1.6 million was paid upon the agreement signing. The mutual fund property is currently valued at €12 million, with assets valued at €19 million. Black Sea Property says it needs the acquisition to strengthen its hospitality investments and add desirable hotels to its existing investment in Camping South Beach. The company says it will need to raise additional funds, after the acquisition is completed, which it expects will be by October 30.
Black Sea Property also receives final payment for the sale of remaining assets of ECDC Group it sold in September 2021 for cash consideration of €4.5 million.
Chair Simon Hudd: ‘We believe that the hotels of GHV-Dolphins EAD can be effectively renovated and transformed into high-quality luxury developments which will enhance shareholder value.’
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