Analyst Research Report Snapshot

Title:

THE BLACK SEA PROPERTY FUND - EMERGING VALUE

Price:

$10.00

Provider:

Edison Investment Research

Date:

08 Aug 2007

Pages:

12

Type:

AcrobatPDF

Companies referenced:

BKSA.L

Available for Immediate Download
Summary:

The Black Sea Property Fund (BSPF) has invested in seven Bulgarian residential and leisure developments. These were all made at an early stage, initially in apartments acquired ‘off-plan’ in third-party developments and latterly land acquired for development by the manager’s own property team. The share performance since the 2005 IPO reflects a series of delays in the delivery of third-party development schemes. An increasingly mature portfolio and strategic shift to in-house development should provide a more predictable outlook. The shares are at a discount to NAV, with no premium for the potential profit on completion and sale of its investments. FOR MORE INFORMATION ON ATTACHED RESEARCH PLEASE CALL 020 7190 1755 OR EMAIL RESEARCH@EDISONINVESTMENTRESEARCH.CO.UK OR VISIT WWW.EDISONINVESTMENTRESEARCH.CO.UK

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