Business
First Investment in Cyprus
First Investment in Cyprus.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n Dolphin Capital Investors Limited\n19 May 2006\n\n\nFor release 07.00am 19 May 2006\n\n Dolphin Capital Investors Limited ('DCI' or the 'Company')\n\n First Investment in Cyprus - €15.7 million\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 completion of its\ninvestment in Apollo Heights Resort in Cyprus.\n\nDCI is one of the largest foreign real estate investors currently dedicated to\nGreece, Cyprus, Turkey and Croatia. The Company's shares commenced trading on\nAIM on 8 December 2005, having raised £70.7 million (€104 million) to invest in\nthe target region.\n\nHighlights:\n\n •Apollo Heights Resort is DCI's first investment in Cyprus and it is\n expected to be the first polo-integrated residential resort in the region.\n\n •DCI is investing €15.7 million to acquire a 64.3% stake in the project\n company. The proceeds are used to fund the acquisition of the 460 hectare\n site and the permitting process.\n\n •The land, probably one of the largest privately held sites in Cyprus, is\n located next to a sandy beach and is easily accessible from both\n international airports of the island.\n\n •With this new project, DCI has already committed €70 million of the funds\n raised from its December 2005 listing.\n\nSaid Miltos Kambourides, the Managing Partner of Dolphin Capital Partners: 'The\nApollo Heights transaction represents one of the largest residential resort\ndevelopments in the region, marks our first investment in Cyprus and reaffirms\nDolphin's leadership in the Residential Resort sector in Southeast Europe.'\n\n\nFurther Details:\n\nThe project is located in between the cities of Paphos and Limassol and\naccessible in less than an hour from both International airports of the island.\nDCI is investing a total of €15.7 million to acquire a 64.3% stake in the\nproject company which will develop a premier master-planned resort integrated\nwith polo, equestrian and potentially golf facilities on a wholly owned site of\napproximately 4.6 million square metres.\n\nThe project company is in the process of securing the development permits for\nthe site which has the potential to accommodate more than 300,000 m2 of\nresidential real estate (over...