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2 Investment Opportunity Investment Opportunity Sunset Resort Phase III Resort Condominiums and Aqua Park The Opportunity The developers of Sunset Resort and Aqua Park are currently seeking investors to raise a total of €8,000,000 capital investment for a 50% shareholding in the project. The main goal is to complete Phase III of the development project in the Sunset Resort. The phase III project consists of an aqua park and two residential towers. Sunset Resort is currently the largest 5-star resort in Bulgaria with 8 main buildings, 6 villas, 5 outdoor swimming pools and various restaurants and facilities. It is providing investors with the unique opportunity to become a part of this successful brand. The Sunset Resort and Aqua Park will be completed and operational in June 2016 in order to take advantage of the €800,000 yearly income, which will be guaranteed by Sunset Resort Management Ltd. (pre-sale of daily tickets, charged per room rate). The two new towers will consist of apartments and commercial units, which will be sold under the Sunset Resort brand. This will make Sunset Resort the largest 5-star resort in Europe. Construction is planned to begin as soon as the market allows for pre-sales and expected prices are achievable. Estimated costs for the completion of the Aqua park - €4,500,000 Estimated gross profit per year - €2,240,000 Expected net profit from development and sale of apartments - €25,000,000 Sunset Resort Management has already pre-sold all beds for summer 2016 to top European operators The project is located in the town of Pomorie with a population of 50,000 in the summer. The town is only a ten-minute drive from Burgas (250,000 population) and ten minutes away from Sunny Beach (250,000 in the summer). Project Overview The resort complex with trade name “Sunset Resort” is located on a site of 58,276m2. Phase I of the project was completed in 2007 and Phase II was completed in 2012. The current investment opportunity is for the completion of Phase III. The current resort consists of 8 main buildings and 6 villas. The total built-up area is 135,668m2. The resort has 5 outdoor swimming pools, poolside bars, pool animation and outdoor aqua facility with total area of 7,500m2. It also has several restaurants, cafes, cocktail bars, bowling alley, kindergarten, spa, medical center, gym, underground and open car parking. Phase III will consist of 2 residential buildings and new commercial area. The waterpark and restaurants are planned to open in June 2016 And the 2 new buildings to open in 2018 40,780m2 of new built-up area, divided into 468 apartments. 1800m2 of 1 commercial space for reception area and lobby. Unique design with buildings measuring over 60 meters in height Waterpark area will be 25,000m2. Construction costs: Aqua park: €4,500,000; Residential buildings: €20,606,200 Loan amount: €17,600,000. A secured construction loan from UniCredit Bulbank. Key Project Considerations Top location on the Bulgarian seaside with a very attractive price. Part of a successful resort which has an established name and flawless reputation No need for extensive marketing and promotion. Opportunity for fast return on investment, depending on the development of the aqua park and the residential buildings Over 90% occupancy during the season; 100% in the high months 41,000m2 built up area of the residential buildings 2 25,000m water park with the best slides and facilities in Bulgaria Sunset Resort is the closest 5-star resort to an airport in the Country Key Facts About Pomorie The third largest city on the Bulgarian seaside The third largest city on the Bulgarian seaside 15 minute drive from Burgas city; 10 minutes away from Burgas airport 15 minute drive from Nessebar and Sunny Beach Located on a unique peninsula in the Burgas bay One of the best seaside resorts in Bulgaria with superb beaches with golden sands and crystal water (over 910m long) More than 3 months of perfect weather, during which the resort is 100% booked Established name as a SPA destination, with famous healing mud Major tourist groups include people from: the Balkans, Western Europe, Russia, Ukraine and Israel The current resort capacity is approximately 4,300 beds Bulgarian Tourism Sector Overview Sofia has been steadily growing in terms of numbers of passengers that are flying in and out of its international airport. 3.8mln passengers were served in 2014, which is a 9% increase year-on-year. Direct flights are available to 95% of Europe’s capital cities and also to major Middle East destinations. Furthermore, in 2015 (expected to continue in 2016) many new low cost destinations were opened from Sofia airport (WizzAir, FlyDubai, Fly Nikki, Easy Jet and Ryan Air) adding Bari, Palermo, Naples, Geneva, Munich, Cologne, and Dublin (exp. 2016). European Union membership, improving business and economic conditions, stable fiscal policy (10% fixed corporate tax), high disposable income (12%), 2 pegged currency, proximity to and historical ties with key markets, such as Russia and Turkey, make Bulgaria a safe and lucrative investment destination. Recently the banking sector has been quite vivid and more relaxed financing options were introduced in support of the real estate market. Current prices in the region are around €700m2. Expected increase of 20%-25% in Russian tourists; 10% in German; 15% in UK; 20% in Israeli. A 35% forecasted increase in the chartered flights to Burgas airport Real estate advisors forecast a slow and steady increase in property prices on the seaside. Around 7%-10% in the next 12 months There is a 12% increase in the investment property purchases on the Black sea Over 9 million tourists visited the Bulgarian seaside last season Contacts Inquiries should be directed to: Joseph Sullivan Zachary Cohen Managing Partner Managing Partner [email protected] [email protected] Office Dublin: +353 86 819 2380 Office Sofia: +359 (2) 489 0124 3 .
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