Dci Advisors Regulatory News (DCI)

2 Nov 2007 07:01

Dolphin Capital Investors Limited02 November 2007 2 November 2007 Dolphin Capital Investors Limited ("Dolphin") DOLPHIN ANNOUNCES FIRST TWO INVESTMENTS IN TURKEY IN PARTNERSHIP WITH KEMER Dolphin Capital Investors, currently the leading investor in the ResidentialResort sector in the Eastern Mediterranean and the largest real estateinvestment company listed on AIM, today announces its first two investments inTurkey following the creation of a strategic partnership (the "Partnership")with Kemer Group ("Kemer"), one of Turkey's leading real estate developers. Highlights: • Dolphin is committing at least €50 million to the Partnership with Kemer dedicated to investing in residential resort developments along Turkey's Mediterranean coast. • Almost €30 million of equity will be invested in Port Kundu and LaVanta, in the region of Antalya, in southern Turkey. These first two projects will comprise approximately 650 units. • Dolphin's remaining commitment will be utilised to fund land acquisitions and early development expenses in a pipeline of deals in southern Turkey over the course of the next year. Dolphin is managed by Dolphin Capital Partners ("DCP"). Miltos Kambourides, Managing Partner of DCP, commented: "We are delighted to have completed our first two investments in Turkey, as partof our strategic partnership with Kemer, a pioneering Turkish residential resortdeveloper. These investments represent a significant step in our ambitions toestablish a market leading position within the fast-expanding Turkish holidayhome market, which we believe offers considerable potential to createsubstantial value for our shareholders." Further Details: Dolphin has entered into two of Kemer's initiated investments in the Antalyaregion of South Turkey. Specifically: • Dolphin has invested €3.2 million to acquire 80% of the holding companythat owns Phase I of the Port Kundu water villas project ("Port Kundu") fromKemer and is expected to invest a further €20 million in additional phaselandacquisitions and the funding of early development expenses. Upon completion ofall phases, Port Kundu is expected to become a residential resort, comprisingmore than 450 villas surrounded by water canals along the banks of the AksuRiver. Port Kundu is located 20km from Antalya city centre, 15km from AntalyaInternational Airport, 1.5km from the beach and 15 minutes from the Belek area,a popular tourism centre with internationally accredited golf courses and luxuryhotels. The project is at an advanced permitting stage and is expected to belaunched in early 2008. • Dolphin has agreed to invest €2.4 million to acquire 60% of the holdingcompany of the LaVanta villa complex project ("LaVanta"), through a capitalincrease, with a further €3 million to be invested to fund early developmentexpenses. LaVanta, which is currently 100 per cent controlled by Kemer, is beingdeveloped as a residential resort comprising close to 200 villas and townhousesoverlooking the Aegean Sea. The project is located 2km from the town centre ofKalkan and is a 1.5 hour drive from Dalaman International Airport. A number ofspectacular beaches are located within a 10km, drive, including Kalamar beach(1km), Kaputas beach (7km) and Patara beach (10km). LaVanta is also located onehour from the Greek island of Kastelorizo. The fully permitted LaVanta hasalready achieved more than 25 units of pre-sales, only two months intoconstruction. The Partnership with Kemer, announced as part Dolphin's Interim Resultsstatement of 18 September 2007, forms part of Dolphin's drive to expand itspresence in new important markets. It is dedicated to investing in residentialresort developments along Turkey's Mediterranean coast. Dolphin is committing aminimum of €50 million of capital for investments expected to be executed overthe course of the next year. As part of its exclusive Partnership with Dolphin,Kemer will co-invest in and undertake the development management of thePartnership's identified projects. Kemer is a pioneer in leisure-integrated residential resort developments inTurkey, having sold over 1,000 homes to date. Kemer's flagship development, theKemer Golf & Country Club outside Istanbul, is Turkey's premier social, sportsand golf club, offering a vast range of facilities including an 18-holeinternationally accredited golf course, restaurants, sports facilities,equestrian competition courses, spas, social and cultural event facilities andpersonal development programmes in a unique natural setting. For further information, please contact: Dolphin Capital PartnersMiltos Kambourides / Pierre Charalambidesmiltos@dolphincp.com / pierre@dolphincp.com 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 Dynamics Tel: +44 (0) 20 7831 3113(Public Relations)Stephanie Highett / Lauren Mills / Nicole Marino Kemer Group Website www.kemergroup.com www.kemermediterra.com Notes to Editors Dolphin Capital Investors Dolphin, currently the largest real estate investment company listed on AIM,seeks to provide shareholders with strong capital growth combined with a lowrisk profile through investing in early-stage, large-scale, leisure-integratedresidential resorts mainly in Southeast Europe in partnership with world leadingdesigners and operators. Dolphin's shares commenced trading on AIM in December2005 raising £70.7 million (€104 million) at an issue price of 68p, followed bya £202.7 million (€300 million) secondary offering at a price of 93p per sharein October 2006. In June 2007, Dolphin raised a further £303 million (€450million) in a follow-on issuance priced at 170p per common share. With these two investments in South Turkey, Dolphin has in total invested €411million and committed €614 million to various projects in Greece, Cyprus,Croatia and Turkey. Dolphin is also the 85% owner of Aristo Developers Plc, oneof the region's largest and most experienced holiday home developers. Dolphin Capital Partners DCP is an independent investment management business founded in 2004 by MiltosKambourides and Pierre Charalambides after leaving Soros Real Estate Partners. The DCP professionals combine extensive local knowledge and contacts withexpertise gained at some of the world's leading financial institutions. Theyspecialise in providing capital to rigorously selected real estate developmentsmainly in the eastern Mediterranean, typically through joint ventures with localdevelopers. DCP cooperates with an international and sophisticated network ofoperators, designers, master-planners and marketing agents for each of itsdevelopments. This information is provided by RNS The company news service from the London Stock Exchange