No Investment of USD500m on Island of Pasman 

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Blackard Global, an international company that has in the past invested more than two billion in real estate worldwide, has dropped its plans to invest in a project that was to be implemented on the island of Pasman. 

Despite having been met with a professional approach, transparency and good communication in both the municipality of Pasman and in Zadar County, the Blackard Global investors must now withdraw from the project for several reasons, reads a company press release carried by daily Poslovni Dnevnik. 

Given that the company had so far invested hundreds of thousands of dollars in the project on the island, the desire to invest was quite obvious, reads the press release. 

Blackard Global had been informed from the start that there were certain financial obligations that the future investor would have to settle, however, it was not aware that the amount in question was upwards of EUR10m. Although through negotiations between the two sides the amount was reduced to about EUR2.5m, it was still too big an investment risk. 

The fact that Blackard Global was the only company to have even applied for the competition also speaks volumes, says the company, adding that the investment is, in fact, a greenfield one, whereas the financial obligations fit a brownfield investment more, which is not acceptable for Blackard Global. According to the company, that kind of investment of nearly USD500m would be too risky.