Dci Advisors Regulatory News (DCI)

11 Apr 2006 07:00

Dolphin Capital Investors Limited11 April 2006 For release Dolphin Capital Investors Limited ("DCI" or the "Company") €31 million of new investments in Greece Dolphin Capital Investors, the real estate investment company focused on theResidential Resort sector in Southeast Europe and managed by Dolphin CapitalPartners, announces two further investments in Greece with a total commitment of€31 million as follows: £££9 million for a 50% stake in Scorpio Bay Resort, a master-planned leisure integrated community in Greece on a site of 172 hectares with 2km of sea frontage. £££22 million additional investment to expand the Kilada Hills Golf Resort in Greece, a project 80% owned by DCI. Highlights: •The site of Scorpio Bay Resort is situated one-hour's drive from Athens International Airport and when developed, will probably be the closest sea-side residential resort to the Greek capital. •Kilada Hills Golf Resort has received two key development permits from the Greek Government and it is very likely that it will be the first golf integrated resort development in Greece to come to market. •With these two new investments, DCI has committed €54 million of the €104 million raised through its flotation on AIM on 8 December 2005. •With other pre-IPO portfolio projects to be finalized soon and a current additional project pipeline of more than €200 million, the Investment Manager expects to fully commit the IPO proceeds earlier than anticipated. Said Miltos Kambourides, Managing Partner, Dolphin Capital Partners: "We arevery delighted for the signing of Scorpio Bay Resort and at the same time verypleased with the progress achieved so far with Kilada Hills Golf Resort, and ourstrong project pipeline. We are confident that Dolphin will continue to be aheadof its investment plan and to fully capitalize on the growth of this veryexciting sector in our region." - ENDS - Further Details: Scorpio Bay ResortThe site of Scorpio Bay Resort is located one hour north from AthensInternational Airport in the region of Skorponeri. It is a mountainous peninsulaof un-spoilt natural beauty with approximately 2km of sea frontage overlooking asecluded bay. The project will comprise of a five-star hotel and residential resort. Net totalconstruction of the development is estimated to be at least 100,000 buildablesquare metres, of which at least 80,000 buildable square metres will beresidences to be sold in a combination of freehold, fractional ownership andcondo-hotel options. The total construction cost is expected to be approximately €130 million whilethe total turnover should exceed €250 million. The other 50% of the Project is owned by a group of business partners from theGreek shipping and banking community who have already contributed €9 million forthe acquisition of the site. DCI will initially invest €3 million to cover site transfer taxes and expensesand to fund the permit application process. The remaining €6 million will beinvested once the final permits and approvals are obtained. Kilada Hills Golf ResortProject Kilada Hills Golf Resort is a high-end master-planned golf integrateddevelopment, situated in the area of Porto Heli in Greece, which is consideredthe country's most prime holiday home area. The project, owned 80% by DCI, has received the main required permits for itsdevelopment, namely approval of the Suitability Permit from EOT (Ministry ofTourism) and the Environmental Impact Study (MPE). This includes permits for an18-hole championship standard golf course and a combination of hotel andresidential units of over 700 beds. Due to the considerable progress with the permits, it is very likely that KiladaHills Golf Resort will be the first one of its kind in Greece to come to market. As per DCI's past announcement on 23 January 2006, DCI have already invested €23million to acquire or lease approximately 160 hectares now holding the abovepermits. The additional investment of €22 million will be used to acquireadditional adjacent land to expand the site from 160 hectares to more than 250hectares and secure direct access to the sea. This expansion will also integrateKilada Hills Collection into the project, a sea front development of 10 luxuryvillas that are already under construction, to be contributed in the project byDCI's development partner who currently owns 20% of Kilada Hills Golf Resort.After this expansion, DCI's shareholding in the entire project will become 85%. When fully developed, the construction cost of the expanded project is expectedto reach €150 million while the total turnover should exceed €300 million. Dolphin Capital Partners, the Company's Investment Manager, is in advancednegotiations regarding investments in other residential resort projects asoutlined in the Company's AIM Admission Document, together with other investmentopportunities that have arisen subsequently, totaling over €200 million. For further information, please contact:Dolphin Capital Partners Limited Tel: +30 210 3614 255Miltos 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 Binns & Co PR Ltd Tel: +44 (0) 20 7786 9600(Financial PR)Peter Binns / Annie Evangeli 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, GE Capital and Citibank. DCP contributed to DCI an attractive prospective investment portfolio and astrong pipeline of potential projects sourced over the past two years. DCP is incorporated in the British Virgin Islands and has presence in Greece andCyprus. This information is provided by RNS The company news service from the London Stock Exchange