Saglasie - Pension Insurance Company JSC - Sofia

"BSPF Project 1" purchased in July 2022 from the Plovdiv builder "Syenit" the company-investor in the "Star Mill" complex (and still the owner of about 60% of the apartments, several studios and shops) for 1 euro. "BSPF Project 1" owns and operates the neighboring Gradina campsite and is owned by the Isle of Man-registered fund Black Sea Property (BSP), listed on the alternative exchange operator Aquis, but the actual control is linked indirectly to the owners of the group. Chemical Import". The price includes both underwriting and refinancing of a loan granted by BBR in 2016. "Black Sea Star" is an apart hotel with 157 apartments, its own pool with beach and spa center. It was built by "Syenite" and was completed in 2012. In 2013, 28 apartments were sold, with part of the apartments compensating the owners of the land for the established right to build on it, and "Syenite" remained between 83 and 90 apartments. In October 2017, through its subsidiary "BSPF Bulgaria", the Black Sea Property fund acquired the former headquarters of TB "Biochem" at the corner of "Rakovska" and "Ivan Vazov" streets in Sofia from Unicredit Bulbank for 10.5 million. euro. "BSPF project 1" also owns land in the village of Byala near Obzor, where the intention is also to build a luxury camping site. The largest shareholders in BSP are two companies listed on the Bulgarian stock exchange - "Neo London Capital" with a 28.4% share and "Phoenix Capital Holding" (through its Cypriot subsidiary Mamferay Holdings) with 24.8%. The majority shareholder in "Phoenix Capital Holding" is Lorraine Marketing Services Limited, from the United Arab Emirates with owner Costas Andreas Ioannou, while "Neo London Capital" has a more dispersed structure with no shareholder with over 25%. But in both large minority packages they hold the pension funds of "Saglasie" and "CCB Sila", which are from the orbit of the group "Chimimport" of Ivo Kamenov and Marin Mitev. According to information from the BSP, it is clear that the purchase is being financed with a 4.2 million euro loan from BACB and about 1 million euro of own funds. However, the largest creditor of the fund is the bank from the group "Chemimport" CCB with EUR 9.2 million, and there is also a EUR 7.4 million debt to Unicredit Bulbank for the acquisition of the Sofia building, which will be gradually repaid until 2021, but then another 2.3 million euros were agreed for the ongoing modernization and reconstruction. "Star Mill" was registered already in 1995 with the subject of activity construction. From the very beginning, Valentin Kanchev, one of the founders of "Syenite" (later "Syenite") and Valentin Saykov, former publisher of the "Imoti" newspaper, have been partners in it. Sykov retired in September 2018. He transferred his share of 34%, and Syenit Holding - its share of 66%, to Syenit Construction Group. The largest campsite in Bulgaria - "Gradina" was privatized in 2000 by "Helio Tour-s", controlled by Nikolay Banev. Due to the incomplete price and fines, the Privatization Agency filed a lawsuit, which it finally won in 2012 and sold the campsite through a bailiff. The buyer is "Holding Nov Vek", close to Himimport, for BGN 1.7 million. At the end of 2013, the campsite was transferred to "Sunrise Club", which since 2009 has been a tenant of the holiday complex of the same name, owned by "Balkan End si" REIT. The price of the transaction is BGN 5 million and is financed with a ten-year loan from Central Bank at 5% interest. In addition, the bank grants "Sunrise Club" an overdraft for working capital with a limit of up to BGN 16.8 million. And the two companies are pledged to the bank, being valued at BGN 1.2 million ("Sunrise") and BGN 3.36 million. ("Garden"). In January 2018, "BSPF Project 1" acquired from "Sunrise Club" 100% of the shares in "Camping Gradina", which to date bears the name "Camping South Beach". The company's assets include land, buildings and a beach concession. The consolidated revenues of "Syenite Holding" for 2021 are in the amount of BGN 44.9 million, and its profit - BGN 297 thousand. The previous year, the revenues were BGN 63 million, and the profit - BGN 11.8 million.