Black Sea Property buys Bulgaria's Grand Hotel Varna

To facilitate the acquisition, Black Sea Property invested 4.5 million euro in local peer Littoral Invest, obtaining a 99.4% stake in the company's share capital, Black Sea Property said in a filing to the London Stock Exchange. Littoral Invest then used the funds to purchase a 16.23% stake in Grand Hotel Varna alongside Black Sea Property.

In total, Black Sea Property has raised 33.1 million euro for the acquisition of Grand Hotel Varna since July, it said.

Littoral Invest is the sole owner of Lazuren Bryag 91, with assets comprising beachfront properties and cultural monuments in the coastal city of Varna. The company's property assets are valued at 6.07 million euro, with liabilities of 5.17 million euro.

Grand Hotel Varna is the sole owner of local company GHV-Dolphins, which operates three hotels and a beach marina resort, Black Sea Property previously said.

($ = 0.9310 euro)