Landmark Properties Bulgaria, a property investment and management company, said it has bought 50% of Black Sea Rama, a joint stock company currently building a golf course and villa resort under the same name near Balchik, on the Bulgarian Black Sea coast. Black Sea Rama's capital was increased by 10 mln levs as part of the acquisition deal whose price was not named.
Landmark Properties Bulgaria is the first institutional investor to acquire a stake in one of the 7 golf course projects underway in Bulgaria. According to its website, the Black Sea Rama exclusive gated seaside community features a world class 18 hole signature golf course designed by the legendary Gary Player.
The first 9 holes will be completed by the end of 2006 while the rest will be ready in 2008. The first 26 of the 500 luxury villas will be completed in August, said Landmark Properties Bulgaria manager Tania Koseva-Boshova. Half of the villas have been sold.
The Black Sea Rama project has already absorbed 10 mln euro with total investment at hand-over seen at 100 mln euro. The resort will cater to wealthy clients that can afford daily expenses of up to 300-400 euro, said resort co-owner Kancho Stoichev. Landmark is co-owned by Altima Partners, Iceland’s Landesbanki and Britain’s Gort Securities, the owner of the Radisson SAS Grand Hotel Sofia.