Black Sea Property acquires Bulgaria, Grand Hotel Varna.

On November7 (SeeNews) - Black Sea Property, registered in the Isle of Man and specializing in the development, financing, and sale of real estate in Bulgaria, announced on Tuesday that it has acquired98.27% of the Bulgarian hotel operator Grand Hotel Varna for28.05 million euros ($30.13 million) in order to expand its presence on the Black Sea coast. To complete this transaction, Black Sea Property invested4.5 million euros in the local company Littoral Invest, acquiring99.4% of the company's share capital, according to a filing on the London Stock Exchange. Littoral Invest then used the funds to acquire a16.23% stake in Grand Hotel Varna together with Black Sea Property.

Black Sea Property has attracted a total of33.1 million euros to acquire Grand Hotel Varna since July, they said.

Littoral Invest is the sole owner of Lazuren Bryag91, which has assets including beach areas and cultural landmarks in the coastal city of Varna.

Grand Hotel Varna is the sole owner of the local company GHV-Dolphins, which manages three hotels and a beach resort with a sea dock, as previously reported by Black Sea Property. ($ =0.9310 euro)