Dolphin Capital Investors (DCI) is making its first investment in Crete by purchasing the majority share in a residential resort development.
Sitia Bay Golf Resort will include residential units, a beach-front hotel, an 18-hole golf course, a golf clubhouse, a beach & country club, an 85-berth marina and other leisure facilities located on the largest of the Greek islands.
The property investment company, managed by Dolphin Capital Partners, is committing €24m (£16m) to fund a staged acquisition of 80% of the special purpose vehicle (SPV) that owns 94% of the project company.
Greek marble industry technical & tourist company Iktinos Hellas owns the remaining shares and will be retained as development partner by the AIM-listed company.
The 204-hectare site is DCI’s fifth investment in Greece, and adds to the company’s €280m (£187m) pipeline of projects in the core area of residential resorts in Cyprus, Croatia and Turkey.
Dolphin Capital effectively tripled in size when it placed £200m of shares on AIM this year.
The shares, which began trading in October, gave Dolphin a market capitalisation of £300m and created the second largest AIM-quoted property company.
Pierre Charalambides, partner of DCP: “Sitia Bay marks our first investment in the largest of the Greek islands, the island of Crete, which is of strategic importance in our sector.”
References: EGi News 20/12/06
