Black Sea Property AS (the "Company", and together with its consolidated subsidiaries, the "Group") is very pleased to announce that the Sunrise Gardens Resort (the "Resort") is set for a limited opening for the summer season of 2022 on 29 June. This is a major milestone for the Company and for the Resort.
The Resort will initially operate as a kids camp for Ukrainian children from the ages 12 to 17, as well as Bulgarian children attending sports camps. The occupancy level is set to reach a stable level of approximately 400 – 500 guests per day shortly after the opening. The management of the Resort for this season is being carried out by a local third-party company, which was considered necessary to ensure opening for the 2022 summer season. The Group will, going forward, assess suitable models for management of the Resort for later seasons. No significant profit is expected for the summer season of 2022.
Although the Resort will aim to attract more conventional tourist groups in later seasons, this season will provide the Group with valuable experience in operating the Resort and be important for further work for pursuing long-term financing for the Resort. The Company is also proud of the social aspect of hosting Ukrainian children.
The funding required this year to make the Resort open for business has been provided by the Company's local Bulgarian Partner, Mr. Boyan Bonev. The final amount of costs incurred for such funding has exceeded earlier estimates but is still uncertain and may increase up to more than EUR 2 million. The Company will continue its work to pursue a more long-term financing for the Resort, including for completion of Buildings P, N and M at the Resort, which is still, despite the opening of the Resort, considered a material risk factor for the Company going forward.
Attached to this stock exchange notice is a presentation that will be given at the Company's annual general meeting on 27 June 2022.
For further information, please contact:
Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: em@ms-solutions.no
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.