BLACK SEA PROPERTY AS – UPDATE ON FINANCING PROCESS

BLACK SEA PROPERTY AS - UPDATE ON FINANCING PROCESS

30 Nov 2021 08:00 CET

Reference is made to earlier stock exchange announcements from Black Sea
Property AS (the "Company") regarding the ongoing process to formalize and enter
into definitive documentation for a loan offer in the amount of EUR 12 million
to group company EPO Aheloy OOD (the development company for the Sunrise
Gardens).

The process for formalizing the loan offer is still ongoing. Even though the
process has taken longer than anticipated, the Company remains confident that
the process will ultimately prove successful.

The Board currently believes that definitive documentation relating to the loan
can be in place in January 2022. The Board will, together with its local
Bulgarian partner, use the time until then to assess whether it is feasible to
open the Sunrise Gardens Resort for the summer season of 2022. Based on
financing being in place in January 2022, the Board believes that a summer
season with limited activities is feasible, and that such solution is sensible
based on the uncertain impact of the corona virus pandemic towards the summer of
2022.

Further information will be announced in due course.

For further information, please contact:

Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: [email protected]

About Black Sea Property AS:

Black Sea Property AS is a real estate company with holdings in a real estate
project on the Black Sea
coast called Sunrise Gardens. Sunrise Gardens Resort is a partially completed
project and will upon completion comprise approximately 950 apartments as well
as significant commercial space. Black Sea Property AS owns indirectly 75% of
the project. Black Sea Property AS will work to finalize Sunrise Gardens Resort,
to realize the project's added value through the sale of residential units and
hotel operations.

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Source

Black Sea Property AS

Provider

Oslo Børs Newspoint