Business
First Turkish Investments
First Turkish Investments.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n Dolphin Capital Investors Limited\n02 November 2007\n\n\n2 November 2007\n\n Dolphin Capital Investors Limited ('Dolphin')\n\nDOLPHIN ANNOUNCES FIRST TWO INVESTMENTS IN TURKEY IN PARTNERSHIP WITH KEMER\n\n\n\nDolphin Capital Investors, currently the leading investor in the Residential\nResort sector in the Eastern Mediterranean and the largest real estate\ninvestment company listed on AIM, today announces its first two investments in\nTurkey following the creation of a strategic partnership (the 'Partnership')\nwith Kemer Group ('Kemer'), one of Turkey's leading real estate developers.\n\n\n\nHighlights:\n\n\n\n • Dolphin is committing at least €50 million to the Partnership with Kemer\n dedicated to investing in residential resort developments along Turkey's\n Mediterranean coast.\n\n\n\n • Almost €30 million of equity will be invested in Port Kundu and LaVanta,\n in the region of Antalya, in southern Turkey. These first two projects will\n comprise approximately 650 units.\n\n\n\n • Dolphin's remaining commitment will be utilised to fund land acquisitions\n and early development expenses in a pipeline of deals in southern Turkey\n over the course of the next year.\n\n\n\nDolphin is managed by Dolphin Capital Partners ('DCP').\n\n\n\n\n\nMiltos Kambourides, Managing Partner of DCP, commented:\n\n\n\n'We are delighted to have completed our first two investments in Turkey, as part\nof our strategic partnership with Kemer, a pioneering Turkish residential resort\ndeveloper. These investments represent a significant step in our ambitions to\nestablish a market leading position within the fast-expanding Turkish holiday\nhome market, which we believe offers considerable potential to create\nsubstantial value for our shareholders.'\n\n\n\nFurther Details:\n\n\n\nDolphin has entered into two of Kemer's initiated investments in the Antalya\nregion of South Turkey. Specifically:\n\n\n\n• Dolphin has invested €3.2 million to acquire 80% of the holding company\nthat owns Phase I of the Port Kundu water villas project ('Port Kundu') from\nKemer and is expected to invest a further €20 million in additional phaseland\nacquisitions and the funding of early development expenses. Upon completion of\nall phases, Port Kundu is expected to become a residential resort, comprising\nmore than 450 villas surrounded by water canals al...