Business
re Commitment in Crete
re Commitment in Crete.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n Dolphin Capital Investors Limited\n25 September 2007\n\n\n25 September 2007\n\nDolphin Capital Investors Limited ('DCI' or the 'Company')\n\n€26 million commitment to Plaka Bay Resort in Crete\n\n\n\nDolphin Capital Investors, currently the leading investor in the Residential\nResort sector in Southeast Europe and the largest real estate investment company\nlisted on AIM, is pleased to announce the signing of a new investment in Plaka\nBay Resort, situated on the island of Crete, Greece.\n\n\n\nHighlights:\n\n\n\n • Plaka Bay Resort ('Plaka Bay' or the 'Project') represents DCI's ninth\n major project in Greece and is expected to be developed as a beachfront\n resort integrating a few hundred residential units, a luxury hotel, other\n leisure facilities and potentially an 18-hole golf course.\n\n\n\n • The 430-hectare property is one of the largest private contiguous land\n sites on the island of Crete (the largest of the Greek islands), has a 7km\n sea frontage and is situated on a peninsula that is a 30-minute drive east\n from Sitia Airport.\n\n\n\n • DCI has acquired a 60% shareholding in the Project from the Ioannou family\n (the 'Sellers'), the original owners. The 40% shareholding remains with the\n Ioannou family who are major shareholders in J&P Group, one of the region's\n largest construction companies.\n\n\n\n • A €7 million payment has been made upfront and a further €9 million\n payment will be made upon the Sellers obtaining the Environmental Impact\n Study and the approval of the residential master plan. An additional €10\n million has been committed to fund DCI's share of the Project's permitting\n and early development phases, bringing DCI's total commitment to €26\n million.\n\n\n\nDCI is managed by Dolphin Capital Partners ('DCP').\n\n\n\nMiltos Kambourides, Managing Partner of DCP, commented: 'Plaka Bay is our second\nproject in the upcoming region of Sitia and one of the largest freehold seafront\nsites on the island of Crete which has already entered the design and permitting\napproval process by our 40% strategic partners.'\n\n\n\nFurther Details:\n\n\n\nPlaka Bay Resort represents DCI's second investment in Crete, the most popular\nGreek tourist destination with over 2.8 million visitors last year and one of\nthe main beneficiaries of the influx of foreign investments in the real...