26th Mar 2014 13:37
LONDON (Alliance News) - Dolphin Capital Investors Ltd Wednesday reported an uplift in its net asset value over 2013 on gains in The Porto Heli Collection, Apollo Heights Resort, Lavender Bay Resort and Aristo.
Dolphin said the gains were counterbalanced by a valuation decrease in Sitia Bay Golf Resort, the effect of regular Dolphin operational and corporate expenses and the depreciation of the Americas properties in euro terms due to the devaluation of the US dollar against the euro.
Total group net asset value was EUR604 million and EUR524 million before and after deferred income tax liabilities at the end of 2013. This represents an increase of EUR4.6 million, or 0.78%, and EUR1.4 million, or 0.27%, from the third-quarter figures.
Dolphin said the NAV uplift was its first since the second quarter of 2008.
Dolphin also said it signed a non-binding preliminary agreement on Tuesday with Colony Capital, acting on behalf of managed and advised funds, for the issue of a EUR100 million preferred equity instrument in Dolphin Capital Greek Collection, a newly incorporated 100% owned Dolphin holding company. It will own Dolphin's shareholding interests in Amanzoe, The Chedi and the Jack Nicklaus Signature Golf Course, The Nikki Beach Resort & Spa at Porto Heli, and the Aman at Kea.
"We are particularly pleased with the performance of Amanzoe, which was cashflow positive for Dolphin in 2013. We remain focused on delivering our other key development projects, such Nikki Beach, Playa Grande, Pearl Island, Kilada Golf Resort and Kea, on budget and on time so that they also become cash generative for the company," Miltos Kambourides, founder and managing partner, Dolphin Capital Partners, said in a statement.
"We are confident that, following the completion of a number of strategic transactions, including the EUR100 million preferred equity investment announced today, we will be better placed than ever before to unlock value for shareholders as we take full advantage of the upturn in the global economy," Kambourides added.
Dolphin seeks to generate strong capital growth for its shareholders by acquiring large seafront sites of striking natural beauty in the eastern Mediterranean, Caribbean and Latin America and developing sophisticated leisure-integrated residential resorts.
Dolphin is managed by Dolphin Capital Partners, an independent real estate private equity firm.
Dolphin shares were Wednesday quoted at 41.75 pence, up 3.7%.
By Samuel Agini; [email protected]; @samuelagini
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