For immediate release
26 October 2010

Nikea Park

The Board of Directors of The Black Sea Property Fund Limited (“Black Sea”)is pleased to announce that it has recovered eighty units at the Nikea Park development in Bulgaria. These units had secured a loan Black Sea made to the developer in connection with the construction of that holiday development on the Bulgarian Black Sea coast. The developer had defaulted on his obligations several years ago and Black Sea had commenced legal action to recover its security. Under Bulgarian legal procedure, all of the units securing the loan were auctioned off. Sixteen of the units were sold to third party bidders, who paid an average of €338 per square meter. Black Sea will receive the net proceeds of approximately €340,000 from these sales after payment of court costs and VAT. Black Sea has put these units up for sale (along with six additional units it had recovered in an earlier legal procedure) with a local broker in Varna. In total the units up for sale total 4954.68 square meters.


Nominated Advisor
Singer Capital Markets Limited         020 3205 7500
James Maxwell