Dci Advisors Regulatory News (DCI)

1 Aug 2006 12:11

Dolphin Capital Investors Limited01 August 2006 For immediate release 1 August 2006 Dolphin Capital Investors Limited ("DCI" or the "Company") €15.5 million commitment in Lavender Hills Golf Resort in Greece Dolphin Capital Investors, a real estate investment company focused on theMaster-planned Residential Resort sector in Southeast Europe and managed byDolphin Capital Partners ("DCP"), is pleased to announce the signing of a newinvestment in Lavender Hills Golf Resort to be situated in Thessalia, Greece. 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: • Lavender Hills Golf Resort represents DCI's fourth investment in Greece - following investments in the Amanmila Resort, Scorpio Bay Resort and the Kilada Hills Golf Resort. The resort will combine residential units, a luxury hotel, an 18-hole golf course, country & golf club and other leisure facilities. • The 292 hectares site has a 2km beach front and is surrounded by forest. It is situated in the region of Thessalia, at the mouth of Pagasitikos Gulf, approximately half-way between Athens and Thessaloniki. • DCI is committing a total of €15.5 million for an 85% shareholding in the project company. The remaining shares are owned by a company controlled by Mark Potiriadis, Dolphin's development partner in Kilada Hills Golf Resort. • With this new project, and including the four previously announced projects (three in Greece and one in Cyprus), the Company has in aggregate committed €90.7 million of the funds raised at the time of its December 2005 AIM admission. Said Pierre Charalambides, Partner of DCP: "Lavender Hills Golf Resort will bedeveloped in a magnificent 292 hectares landscape of undulating hills fronted bysandy beaches and surrounded by olive groves and forest. It has all theprerequisites to become a leading golf-integrated residential resort in Greece.With this new investment, DCI has thus far almost fully committed the fundsraised in its December 2005 admission to AIM, well-ahead of its investment plan." Further Details: Lavender Hills Golf Resort is being designed as a sea-front master-planned,leisure integrated residential resort aiming for more than 400 residentialunits, a luxury hotel, an 18-hole golf course, country & golf club and otherleisure facilities. The 292-hectare site is situated on a secluded peninsula of unspoilt naturalbeauty with undulating hills overlooking a sandy beach and surrounded by olivegroves and forest. The site is within three hours' drive from AthensInternational Airport and two hours' drive from Thessaloniki InternationalAirport. Further access to the development is provided by a small private-jetairport in New Aghialos, 10 miles away, and through the port of Volos, one ofthe main ports of Greece. Lavender Hills Golf Resort is anticipated to become a leading golf resort inGreece, not least because of its prime location within the prefecture ofThessalia, currently bidding to host the 2013 Mediterranean Games, where golf isexpected to make its debut appearance in the competition. The local partner of DCI in this new development is Mark Potiriadis who is alsoDCI's partner in Kilada Hills Golf Resort, the Company's biggest and mostadvanced project to date. The planning process has been initiated and is expected to take approximately 24months. The site is being acquired from the Church of Greece. Out of the 292 hectares ofthe site, 41 hectares are freehold and 251 hectares are leased for 99 years.Dolphin has agreed to pay its commitment in stages subject to permits being inplace within the next 5 years. Only €2 million out of Dolphin's €15.5 millioncommitment will be paid upfront. An additional €2 million will be allocated toprogress the Resort's design and permit process. DCI's total commitment of €15.5 million for the 85% stake in the Lavender HillsGolf Resort investment will cover the cost of the freehold land, the leaseholdpayments for the first 5 years, the permit and design expenses and all relatedclosing costs. The investment in the Lavender Hills Golf Resort represents the closing of DCI'sfirst investment outside of the six projects presented in the ProspectiveInvestment Portfolio section of Dolphin's December 2005 Admission Document. 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 Adventis Financial PR Tel: +44 (0) 20 7034 4765Annie Evangeli Tel: +44 (0) 20 7034 4757Peter Binns Tel: +44 (0) 20 7034 4760 Notes to Editors 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 developmentsin Southeast Europe by joint venturing with local developers. DCP is using inevery development an international and sophisticated network of operators,designers, master-planners, marketing agents and financial institutions. This information is provided by RNS The company news service from the London Stock Exchange