Black Sea Property Plc agreed to acquire 98.27% stake in Grand hotel Varna AD for ?28 million.

Black Sea Property PLC is an Isle of Man-based company. The Company seeks to generate capital gains through the development, financing and sale of property in Bulgaria, including the prime areas of Bulgaria’s Black Sea coast, the ski resorts and the capital, Sofia. The Company’s property investment includes the UniCredit Building, which is located on 1, Ivan Vazov Str. Sofia; Camping Gradina, which is on the southern part Bulgarian Black Sea Coast located between the towns of Chernomorets and Sozopol; Land Plots in Byala on the Black Sea Coast, which consists of 23 plots situated in Byala, which is a small town and seaside resort in Eastern Bulgaria, located on the picturesque Bulgarian Black Sea Coast in Varna Province, located between Varna and Burgas international airports. Its subsidiaries include BSPF (Property 2) Limited, BSPF (Property 3) Limited, BSPF (Property 4) Limited, BSPF (Property 5) Limited, BSPF (Property 6) Limited, BSPF Project 1 EAD and BSPF Super Borovetz EAD.