Business
First investment in Croatia
First investment in Croatia.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n Dolphin Capital Investors Limited\n05 February 2007\n\n\nFor release07.00am 05 February 2007\n\n Dolphin Capital Investors Limited ('DCI' or the 'Company')\n\n First investment in Croatia - €35 million commitment in Livka Bay Resort\n\n\n\nDolphin Capital Investors Limited, a real estate investment company focused on\nthe Master-planned Residential Resort sector in Southeast Europe and managed by\nDolphin Capital Partners Limited ('DCP'), is pleased to announce the closing of\na new investment in Livka Bay Resort, situated on the island of Solta, Croatia.\n\n\nDCI is one of the largest real estate investment companies listed on AIM. The\nCompany focuses on early-stage, large scale leisure-integrated residential\nresorts mainly in Greece, Cyprus, Croatia and Turkey. The Company's shares\ncommenced trading on AIM on 8 December 2005, having raised £70.7 million (€104\nmillion) at an issue price of 68p, followed by a £202.7 million (€300 million)\nsecondary offering at a price of 93p per share in October 2006.\n\n\nHighlights:\n\n\n • Livka Bay Resort ('Livka Bay' or the 'Project') represents DCI's first\n investment in Croatia and is intended to become one of the first exclusive\n residential resorts on the Dalmatian coast with a luxury hotel, a 160-berth\n marina and other supporting recreational, sports and retail facilities.\n\n\n • The Project's beach-front, 56-hectare site (the 'Site') surrounds the bay\n of Livka on the south end of the island of Solta which is only 15 km away\n from Split International Airport. The majority of the Site has recently\n achieved the relevant zoning.\n\n\n • DCI is committing a total of €35 million to acquire a 90% shareholding in\n the Project company and fund the resort's initial development expenses. The\n remaining shares are owned by Virtus Investments BV ('Virtus'), a developer\n of high-end resorts.\n\n\n • At closing, DCI has paid €5.2 million to acquire a 90% shareholding in the\n Project company with a further amount of up to €16.6 million to be paid in\n stages conditionally upon permit progression and certain sale thresholds\n being achieved. An additional amount of €2.8 million has also been\n contributed into the Project company to repay part of the existing\n shareholder loans made to the company and also to fund part of the ongoing\n development expense...