Updates

Black Sea Properties

February 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Black Sea, which specialises in financing ‘off plan’ properties in Bulgaria, has acquired 53,000 sq metres of development land in Borovetz, a popular ski resort. It intends to develop a joint venture with a local project manager, a residential/ holiday apartment complex of around 900 units. Initial price paid for the land is Eu68 per sq m with Eu20 per sq m payable on construction milestones, bringing the total purchase price to Eu4.7m. The implication is that Black Sea is buying at half the developed price. Based on the above numbers, it has acquired the properties at an average price of Eu530 per sq m, a 55% discount to current built prices of Eu1,200 per sq m. In line with its other projects, as the flats near com ...

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Mears

Domino's Pizza

Black Sea Property Fund (February 2007)

Black Sea Properties - Numis sets 35p share price target (April 2006)

Black Sea Properties - Fifth development agreement (November 2005)

Black Sea Property - NAV rises to 27.5p (August 2005)

Black Sea Property Fund - Geared Bulgarian property play (April 2005)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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