Business
23m Euro Investment in Greece
23m Euro Investment in Greece.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n Dolphin Capital Investors Limited\n23 January 2006\n\n\nFor release 09.00 am 23rd January 2006\n\n\n Dolphin Capital Investors Limited ('DCI' or the 'Company')\n \n €23 million Investment in Golf Integrated Residential Resort in Greece\n\n\nDolphin Capital Investors, the real estate investment company focused on the\nMaster-planned Residential Resort sector in Southeast Europe and managed by\nDolphin Capital Partners, is pleased to announce the signing of its agreement to\ninvest in the Kilada Hills Golf Resort in Greece, its first investment since its\nadmission to trading on AIM. DCI is one of the largest foreign real estate\ninvestors currently dedicated to Greece, Cyprus, Turkey and Croatia. The\nCompany's shares commenced trading on AIM on 8 December 2005, having raised\n£70.7 million (€104 million) to invest in the target region.\n\nHighlights:\n\n •A binding agreement has been signed to invest up to €23 million for an\n 80% stake in Kilada Hills Golf Resort, a high-end Master-planned Golf\n Integrated residential resort to be developed in Peloponnesus.\n\n\n •Project Kilada Hills is located two hours' driving distance from Athens\n in the area of Porto Heli, one of the most upscale second home residential\n areas in Greece.\n\n\n •The Kilada Hills Golf Resort is planned to comprise more than 400\n residential units and an 18-hole golf course spread over more than 160\n hectares of land and is expected to be the first golf integrated residential\n resort to come to market in Greece.\n\n\n •In its entirety, the project is anticipated to generate sales in excess\n of €200 million and have total development costs of over €100 million.\n\nFurther Details:\n\nThe Company signed binding agreements to invest up to €23 million in the Kilada\nHills Golf Resort, a high-end master-planned golf Integrated residential resort\nto be developed in Peloponnesus, Greece. DCI will acquire an 80 per cent.\nshareholding subject to a minimum investment of €14 million. DCI will\nimmediately contribute €300,000 to fund the Project expenses related to the\non-going land assembly and permit process. The balance of the capital will be\nused for executing the site acquisition secured currently through options, which\nshall consist of at least 160 hectares, equivalent to €14.4 per square metre of\nland. The planning appli...