The Black Sea Property Fund seeks to generate capital gains through the development, financing and sale of residential property in Bulgaria, including the prime areas of Bulgaria’s Black Sea coast, the ski resorts and the capital, Sofia. The Board believes the changes in the Bulgarian property market and international capital markets present opportunities. These opportunities include acquiring stakes in other collective investment vehicles and in other Bulgarian property classes. Accordingly, it is proposed to widen the investment strategy of the Black Sea Property Fund to enable the Fund to take advantage of these opportunities fully.
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