Black Sea Property PLC has Completed the Acquisition of a 98.27% Interest in Grand Hotel Varna AD
Black Sea Property PLC has completed the indirect acquisition of a 98.27% interest in Grand Hotel Varna AD. Grand Hotel Varna AD owns GHV-Dolphins EAD, a Bulgarian company holding the title to real estate comprising of three hotels and a beach marina resort situated in a prime location on the Black Sea Coast.
For financing the acquisition, Black Sea Property PLC 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 at a price of EUR 0.016 per share, raising EUR 10.32 million. The total consideration paid for Grand Hotel Varna AD was EUR 28.05 million.
The team of BOYANOV & Co. which supported the transaction was led by our partners Yordan Naydenov and Borislav Notovsky.
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