For immediate release
Sales Progress Report
The Black Sea Property Fund (the “Fund”), which specialises in the financing and sale of holiday apartments in Bulgaria, is pleased to announce good progress on the 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 premium priced development. Sales prices exceed those in the Manager’s model and the first contracts are expected to be exchanged during January.
Pamporovo
Global Spaces and co-agent Avatar have witnessed strong UK demand for the second phase (105 apartments) on this mountain complex, which boasts the largest spa in Bulgaria’s ski region. Again prices are above expectations and the first contracts are expected to be exchanged during January
Since the marketing campaign began the Manager has received three separate approaches from Danish, Icelandic and Swedish investment groups seeking premium apartment stock in the ski regions. There is a shortage of appropriate property to satisfy Scandinavian tastes and early stage negotiations are on-going with a view to releasing blocks in this and subsequent phases to meet this demand.
Contacts
Development Capital Management 020 7355 7600
Roger Hornett
Tom Pridmore
Buchanan Communications 020 7466 5000
Charles Ryland
Isabel Podda
Numis Securities 020 7776 1500
Bruce Garrow
Iain McDonald