Business
Acquisition of Littoral Completion of Grand Hotel
Acquisition of Littoral Completion of Grand Hotel.
About this update from Black Sea Property Plc
[{"type":"text","content":"\n\n7 November 2023\nBLACK SEA PROPERTY PLC\n(\"Black Sea Property\", \"BSP\" or the \"Company\")\n \nCompletion of the Acquisition of Grand Hotel Varna\nEUR 21.1 million fundraise\nAcquisition of a majority stake in Littoral Invest EAD\n \nHighlights:\n- Completion of the acquisition of Grand Hotel Varna, including three hotels and a beach marina resort on the Black Sea coast.\n- EUR 21.1 million fundraising, with EUR 10.8 million raised through a placing of new ordinary shares (the \"Placing\") at a price of EUR 0.016 per share (the \"Placing Price\") and through the issuance of EUR 10.8 million of unsecured loan notes (\"Loan Notes\");\n- Placing Price equivalent to the Company's last stated NAV per share;\n- Acquisition of a majority stake in Littoral Invest EAD, which holds a portfolio of assets, also in Varna.\n- Total of EUR 33.1 million raised from new and existing investors since July 2023.\n \n \nCompletion of Acquisition and Fundraise\n \nBlack Sea Property PLC, the Bulgarian real estate investment company, is pleased to announce that it has completed the acquisition of a 98.27% interest in Grand Hotel Varna, originally announced in July 2023. In addition, the Company announces that it has raised an additional EUR 21.1 million through the issue of EUR 10.8 million of Loan Notes and a placing of 645,000,000 new ordinary shares of nil par value in the Company (\"Ordinary Shares\"; the \"Placing Shares\") at the Placing Price, raising EUR 10.32 million. The Placing Price is based on the Company's NAV as at 30 June 2023.\n \nThe Loan Notes have been issued on the same terms as the Loan Notes issued in August 2023 and September 2023 (the \"Initial Loan Notes\") The holders of the Initial Loan Notes have agreed to extend the repayment dates on those notes to 30 June 2024 and to waive their rights to either convert the Initial Loan Notes, or to seek their repayment, on completion of the Placing.\n \nAcquisition of a majority stake in Littoral Invest EAD\n \nBlack Sea Property is also pleased to announce an investment of EUR 4.5 million in Littoral Invest EAD (\"Littoral Invest\"), following which the Company is interested in 99.4% of Litt...