million euros in a development planned for Byala on the Black Sea coast of Bulgaria.
The Black Sea Property Fund, which is managed by Development Capital Management (Jersey) Ltd and is listed on the Alternative Investment Market, specialises in the financing and sale of off-plan luxury holiday apartments in the former Iron Curtain country, which is now a booming holiday destination.
The fund is buying 143,314 square metres of land from the Bulgarian Property Investment Trust at a discount of 20 per cent on the valuation of the site.
The Bulgarian company will develop the land and an adjacent site it owns, building a luxury holiday complex.
