Business
Update re. Cyprus
Update re. Cyprus.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n \nRNS Number : 8830C Dolphin Capital Investors Limited 22 April 2013 \n \n\n22 April 2013\n \nDOLPHIN CAPITAL INVESTORS LIMITED(\"Dolphin\" or the \"Company\")\nZoning and development benefits for the Cyprus portfolio\nDolphin, a leading global investor in the residential resort sector in emerging markets and one of \nthe largest real estate investment companies quoted on AIM in terms of net assets is pleased to \nreport that, on 19 April 2013, the Cypriot government announced a series of measures in an effort to offset the negative effects of the recent banking crisis on the Cypriot economy. Certain measures are designed to boost the development industry and the real estate sector and their implementation will create substantial benefits for Aristo Developers Ltd (the Company's 49.8% subsidiary) and Dolphin. More specifically:\n \n- The residential building capacity for golf integrated resorts increases from 100,000 m2 to 150,000 m2. This applies to the two golf phases of Venus Rock and that of Eagle Pine, thus providing a total of additional development capacity of 150,000 m2.\n \n- Building coefficients increases by 20% in certain tourist zones for large-scale properties and developments. A number of Aristo's larger properties are expected to qualify for increased zoning. \n \n- Negotiations are at an advanced stage and an agreement is expected to be reached soon between the Government of the Republic of Cyprus and the Sovereign Base Areas (SBA) which will allow the zoning and the urban development of land within the limits of the SBA. The largest part of the Company's Apollo Heights Polo Resort project lies within these limits.\n \nThe above measures are expected to significantly enhance the profitability potential of the Company's projects in Cyprus, while their positive effect on the Company's NAV is expected to be reflected in its interim results for 2013.\n \nFor further information, please contact:\n\n\n\n\n \nDolphin Capital Partners\nMiltos E. Kambourides\nPierre A. Charalambides\nKaterina G. Katopis\nEleni Florou\n\n\n \n \[email protected]\[email protected]\[email protected]\[email protected]\n\n\n\n\n \n \nPanmure Gordon\n(Broker)\nRichard Gray / Dominic Morley ...