Dolphin Capital Investors dives into Croatia

Dolphin Capital Investors (DCI) has made its first investment in Croatia with a $35m (£23m) commitment to a residential resort development on the Dalmatian Coast. Livka Bay Resort will be located on a 56-hectare site on the island of Solta and will include a hotel, a 160-berth marina, retail and leisure facilities alongside 800,000 sq ft of residential units. DCI will acquire a 90% shareholding in the project company and fund the resort’s initial development expenses. The remaining shares are owned by resort developer Virtus Investments. DCI has already paid €5.2m (£3.4m) of the €35m, with a further amount of up to €16.6m (£10.9m) to be paid in stages conditional progress. An additional amount of €2.8m (£1.84m) has also been contributed into the project company to repay part of the existing shareholder loans made to the company and also to fund part of the ongoing development expenses. The AIM-listed property investment company focuses on the residential resort sector mainly in Greece, Cyprus, Croatia and Turkey. Miltos Kambourides, managing partner of DCI: “Livka Bay marks DCI’s first investment in Croatia, a country whose residential resort potential remains largely untapped. “Livka Bay is expected to be one of the first developments to come to market, providing DCI with a leading position in the Dalmatian coast.”