Reference is made to the stock exchange announcement published by Black Sea
Property AS (the "Company") on 28 May 2021 regarding, inter alia, a contemplated
merger between the Company and Bulgaria Eiendom Invest AS ("BEI").

The Boards of the Company and BEI have today entered into a merger plan. The
merger plan proposes that the general meetings of the respective companies
approve a merger of the two companies. The Company will call for the annual
general meeting, where inter alia the merger will be presented for approval. The
annual general meeting is expected to be held on 30 June 2021. The merger plan
with relevant appendices will be published simultaneously with the notice to the
annual general meeting of the Company.

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.

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© Oslo Bors ASA, source Oslo Stock Exchange