Black Sea Property's Bulgarian subsidiary sale falls through

Black Sea Property AS announced today that the preliminary sale and purchase agreement for its 99% shareholding in subsidiary EPO Bulgaria has been cancelled. The buyer, a newly established and uncapitalized Bulgarian company, informed Black Sea Property's board of directors that it could not secure the necessary funding.

The initial announcement on November 11, 2025, noted a substantial risk that the transaction would not close, a risk that has now materialized. Black Sea Property AS will assess its options for EPO Bulgaria and intends to provide further information.

Black Sea Property AS is a real estate company focused on the Sunrise River Beach Resort project on the Black Sea coast. This partially completed project is expected to comprise approximately 950 apartments and significant commercial space.