Refinance the bridge loan
Bank refinancing of the Penchev facility, about €8 million, was the first priority for October 2026.
934
Apartments on the site
M, N, P, K and L together.
775
Owned by EPO Aheloy
BSP controls 75% of EPO Aheloy.
520+
Apartments in operation
About 2,000 guest beds, in M, N and P.
€550,000
Expected 2026 rent
Notice of 1 September 2026. Agreed rent was €750,000.
The holding
A 4-star resort, let until 2030
Sunrise River Beach has operated at Aheloy since 2022. The land plot is 48,000 sqm, with beach and river frontage. Cash flow is a fixed rent paid to EPO Aheloy, not apartment sales.
Earlier phases of the wider Aheloy resort were finished around 2010, sold, and trade as Midia Grand. Those phases are not this holding.
- PlaceAheloy, Bulgaria
- Airport19 km, Burgas
- Nessebar8 km
- LeaseJanuary 2025 – January 2030
- Phase 2K and L, finishes not started
- Open itemAct 16 for building P
Buildings
Five buildings, two phases
| Building | Units | Average | Phase | EPO Aheloy |
|---|---|---|---|---|
| M | 183 | 70 sqm | Operating | 183 |
| N | 175 | 75 sqm | Operating | 175 |
| P | 244 | 67 sqm | Operating | 85 |
| K | 60 | 61 sqm | Shell | 60 |
| L | 272 | 61 sqm | Shell | 272 |
| Site | 934 | 775 |
Of the 244 apartments in P, EPO Aheloy owns 85. Dara Properties owns 60 and private owners 99.
Rent received
Fixed rent, ex. VAT
An external tenant manages the resort until January 2030. Net rent in 2025 was €416,000. On 1 September 2026 the company said €535,000 had been received and that the 2026 total was not expected to exceed about €550,000.
| Year | Rent | Apartments |
|---|---|---|
| 2022 | €51,130 | 183 |
| 2023 | €362,165 | 358 |
| 2024 | €562,421 | 523 |
| 2025 | €416,000 | 543 |
Asset and rent history from the AGM presentation of 30 June 2026. The 2026 rent expectation is the Euronext notice of 1 September 2026.
From the AGM
What has to happen
Six priorities from 30 June 2026. The July extension of Penchev 2 is on the debt page.
Cover the bank interest
After refinancing, the rent should carry the bank-loan cost.
Limit new equity
Further shareholder contributions were to be limited.
An exit at market
The sale process continues. The AGM was told it would not close before the loans expire.
Act 16 for building P
Official permission for use of building P was still open.
Other operating models
K and L, and the rent, were to be looked at for more revenue and EBITDA.
The buildings
Five buildings, 934 apartments
M, N and P are in operation. K and L are still a shell.
The lease
How the rent is earned
A fixed rent to January 2030, and the season that has to carry it.