19th May 2006 07:00
Dolphin Capital Investors Limited19 May 2006 For release 07.00am 19 May 2006 Dolphin Capital Investors Limited ("DCI" or the "Company") First Investment in Cyprus - €15.7 million Dolphin Capital Investors, the real estate investment company focused on theMaster-planned Residential Resort sector in Southeast Europe and managed byDolphin Capital Partners, is pleased to announce the completion of itsinvestment in Apollo Heights Resort in Cyprus. DCI is one of the largest foreign real estate investors currently dedicated toGreece, Cyprus, Turkey and Croatia. The Company's shares commenced trading onAIM on 8 December 2005, having raised £70.7 million (€104 million) to invest inthe target region. Highlights: •Apollo Heights Resort is DCI's first investment in Cyprus and it is expected to be the first polo-integrated residential resort in the region. •DCI is investing €15.7 million to acquire a 64.3% stake in the project company. The proceeds are used to fund the acquisition of the 460 hectare site and the permitting process. •The land, probably one of the largest privately held sites in Cyprus, is located next to a sandy beach and is easily accessible from both international airports of the island. •With this new project, DCI has already committed €70 million of the funds raised from its December 2005 listing. Said Miltos Kambourides, the Managing Partner of Dolphin Capital Partners: "TheApollo Heights transaction represents one of the largest residential resortdevelopments in the region, marks our first investment in Cyprus and reaffirmsDolphin's leadership in the Residential Resort sector in Southeast Europe." Further Details: The project is located in between the cities of Paphos and Limassol andaccessible in less than an hour from both International airports of the island.DCI is investing a total of €15.7 million to acquire a 64.3% stake in theproject company which will develop a premier master-planned resort integratedwith polo, equestrian and potentially golf facilities on a wholly owned site ofapproximately 4.6 million square metres. The project company is in the process of securing the development permits forthe site which has the potential to accommodate more than 300,000 m2 ofresidential real estate (over 1,500 residential units) and is expected to bedeveloped in phases. Dolphin is investing €15.7 million of capital to fund the land acquisition andthe permitting process as follows: • €12.2 million was paid yesterday upon completion of the transaction, • €3.5 million will be paid gradually to fund the permitting and design process of the project. As of completion of the transaction, Dolphin has acquired a 58.3% shareholdingin Apollo Heights Resort. Following the full investment of €15.7 million,Dolphin's share in Apollo Heights Resort will be increased to 64.3%. The local partners of DCI have pioneered the game of Polo in Cyprus and possesssignificant experience relating to leisure integrated real estate developmentson the island. For further information: Dolphin Capital Partners Limited Tel: +30 210 3614 255Miltos Kambourides / Pierre [email protected] / [email protected] Grant Thornton Corporate Finance Tel: +44 (0) 20 7383 5100(Nominated Adviser)Philip Secrett Panmure Gordon Tel: +44 (0) 20 7459 3600(Broker)Richard Gray / Dominic Morley / Andrew Potts Financial PR Tel: +44 (0) 20 7786 9600Peter BinnsAnnie Evangeli Mob: +44 (0) 7778 507 162 Notes to Editors Dolphin Capital Partners ("DCP") DCP is an independent investment management business founded in 2004 by MiltosKambourides and Pierre Charalambides after leaving Soros Real Estate Partners. DCP specialises in providing capital to rigorously selected real estatedevelopments in Southeast Europe and matching local developers with DCP'sinternational network of sophisticated operators, designers, master-planners,marketing agents and financial institutions. The partners combine extensive local knowledge and contacts with aninternational network following expertise gained at some of the world's leadingfinancial institutions including Soros Real Estate Partners, Goldman Sachs,JPMorgan and Real Estate Capital Partners. DCP contributed to DCI an attractive prospective investment portfolio and astrong pipeline of potential projects sourced over the past three years. DCP is incorporated in the British Virgin Islands and has local offices inGreece and Cyprus. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Dci Advisors