Reference is made to earlier stock exchange announcements from Black Sea
Property AS (the "Company", and together with its consolidated subsidiaries, the
"Group") regarding the ongoing process to formalize and enter into definitive
documentation for a loan offer in the amount of EUR 12 million to group company
EPO Aheloy OOD (the development company for the Sunrise Gardens Resort). 

The bank that has extended the loan offer has now posed certain additional
requirements for granting the loan in the amount of EUR 12 million. These
requirements will effectively require the Group to open the Sunrise Gardens
Resort and obtain a minimum fixed number of bed nights in one season before the
loan can be disbursed.

The Company believes that these new requirements are a consequence of the
uncertain effects of the Covid-19 pandemic on the Bulgarian tourism market as
well as the uncertain political situation in the Ukraine. Even though these new
requirements are unfortunate for the development of the Resort, the Company
believes that the resort may be opened for the summer season of 2022 and obtain
an adequate number of bed nights during the season.

The Group will therefore aim to open the resort with limited activities and with
only one of the buildings at the resort open for business, being Building M with
183 apartments. Such opening is targeted for June 2022.

The opening of the resort will be funded by the Group's own funds, as well as
funds from our local Bulgarian partner, Mr. Boyan Bonev. Even though these funds
are expected to be sufficient until the opening of the resort, there can be no
guarantee that the Company will not require additional capital prior to
disbursement of the loan. Such capital may be required both in relation to the
Company's operations in Norway and for further development of the resort in
Bulgaria.

Following a recent downpayment on the Group's existing bank debt, the bank debt
of the Group is approximately EUR 6 million.

For further information, please contact:

Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: em@ms-solutions.no

About Black Sea Property AS:

Black Sea Property AS is a real estate company with holdings in a real estate
project on the Black Sea 
coast called Sunrise Gardens. Sunrise Gardens Resort is a partially completed
project and will upon completion comprise approximately 950 apartments as well
as significant commercial space. Black Sea Property AS owns indirectly 75% of
the project. Black Sea Property AS will work to finalize Sunrise Gardens Resort,
to realize the project's added value through the sale of residential units and
hotel operations.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation. This stock exchange announcement was published by Egil
Melkevik, Chairman and CEO, on 28 January 2022 at 08:30 CET.