UK-based Black Sea Property Fund Exits Bulgarian Project
Business | April 11, 2007, WednesdayUK-registered Black Sea Property Fund, which invests in real estate development in Bulgaria, said on Wednesday it decided to exit a project in the Black Sea holiday village of Tsarevo.
"High pricing, together with the poor presentation of the site during inspection trips, hampered sales at this development," the fund said in a statement to the London Stock Exchange, where it is listed on the alternative investment market segment.
The fund failed to reach an agreement with the project's developer and terminated its investment, recovering its initial EUR 1,14 M investment in the project, which was the fund's smallest initial investment.
The village of Tsarevo is located some 40 kilometers south of the Black Sea port of Burgas and 20 kilometers north of Bulgaria's border with Turkey.
"High pricing, together with the poor presentation of the site during inspection trips, hampered sales at this development," the fund said in a statement to the London Stock Exchange, where it is listed on the alternative investment market segment.
The fund failed to reach an agreement with the project's developer and terminated its investment, recovering its initial EUR 1,14 M investment in the project, which was the fund's smallest initial investment.
The village of Tsarevo is located some 40 kilometers south of the Black Sea port of Burgas and 20 kilometers north of Bulgaria's border with Turkey.
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