US Company Set to Acquire USD 400 M Bulgarian Black Sea ResortProperties | April 22, 2011, Friday // 15:29| views
Part of Albena Jsc's White Lagoon project pictured in 2008. Photo by whitelagoon-bg.com
TransGlobal Assets, an Oregon-based company, has announced plans to acquire a Bulgarian Black Sea resort development, an investment estimated at USD 400 M once completed.
TransGlobal Assets, Inc. has signed a letter of intent and has received the project plans for the acquisition and development of the White Lagoon Resort project located in Topola Village near Kavarna, Bulgaria on the Black Sea coastline.
The White Lagoon project is anticipated to be valued at more than USD 400 M USD when completed. The acquisition is currently valued at more than USD 100 M. The estimated revenue for the overall project from sales will be approximately USD 400 M.
While the TransGlobal Assets Friday’s announcement does not mention it, the White Lagoon project is a development started in 2002 and currently owned by one of the major Bulgarian Black Sea resorts, Albena Jsc.
The three stage development project includes the construction of a vacation resort complex covering approximately two hundred and seventy-two thousand (272,000) square meters with plans to offer guestrooms with spectacular views of the Black Sea, restaurants, a spa for relaxation, retail and reception hall amongst other amenities.
TransGlobal Assets, which is headquartered in Lincoln City on Oregon's Pacific coast, says its guest houses and apartments on the Northern Bulgarian Black Sea coast will house approximately 6,800 people and the White Lagoon Resort will be able to house approximately 8,000 people total. The overall project consists of the following dwellings to be built, 276 individual houses, 282 in-row houses, 1,194 apartments and 4 hotels.
It further states the location of the White Lagoon Project provides easy access for vacationers and tourists with amenities such as the natural warm hot springs on the property, an Arnold Palmer designed Golf Course nearby and the local airport within a few miles.
The "White Lagoon JSC" Project is a public company listed on the Bulgarian Stock Exchange.
As part of the agreement, TransGlobal Assets will present the project to a qualified lender for funding. Upon completion of the funding, TransGlobal Assets will acquire and own 100% of the shares of the project. With the purchase of White Lagoon Resort, the company will receive the land title along with all improvements, approvals and permits.
TransGlobal Assets believes that the acquisition of the project and financing will further establish the new company as a multi-sector global holding company and open the doors to additional large-scale financing partners.
"With a working hotel already on the property and 120 villas already completed the Company gains immediate working assets on its balance sheet with the acquisition of the White Lagoon Resort. With these new and significant assets, we believe shareholder value should increase as well," stated Paul Thompson, Vice President of Investor Relations for TransGlobal Assets.
Transglobal Assets, Inc. is a holding corporation working in diverse industries around the world such as renewable energy ventures, resort and hospitality properties, senior-related services, commercial real estate, select manufacturing, and beyond.
Bulgaria's northern Black Sea coast remained relatively better preserved and less touched after the construction and development boom of the pre-crisis years, which has been blamed for destroying much of the unique nature of the Bulgarian coastline.