2nd Aug 2018 12:18
LONDON (Alliance News) - Dolphin Capital Investors Ltd on Thursday said it agreed to sell Amanzoe hotel in Greece and 20 golf plots in Kilada Hills golf project in Peloponnese to real estate investment firm Grivalia Hospitality SA.
The stock was trading 15% higher on Thursday at 6.64 pence per share.
Dolphin Capital, which invests in residential resorts in the eastern Mediterranean, said it will secure EUR8.5 million for Amanzoe. In addition to that, Grivalia will also assume all liabilities of Amanzoe which amounted to EUR110 million as at the end of 2017.
Amanzoe comprises of 13 villas, which generated earnings before interest, taxes, depreciation, and amortization of EUR4.5 million in 2017.
Meanwhile, 20 Golf plots in Dolphin's Kilada Hills Golf project will be disposed for EUR10 million in cash. However, the consideration is conditional on Dolphin Capital securing a development loan for the project, building permits and construction contract for the first phase of the project development.
Dolphin Capital said it will use funds from the disposals to complete the development of the first phase of the project and to reduce loans.
"The disposal reflects our commitment to generate liquidity through the reduction of the group's overall leverage and financing costs whilst, in parallel, delivering value for our shareholders through the development of the first phase of the Kilada Hills Golf project," said Dolphin Capital Chairman Andrew Coppel.
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