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Dolphin Capital Partners floats Dolphin Capital Investors Limited on London's AIM
Trading debut:
December 8, 2005 December 8, 2005 -- The London Stock Exchange is delighted to welcome Dolphin Capital Investors Limited (AIM: DCLL) to the Alternative Investment Market (AIM). The company is a British Virgin Islands-based dedicated investment vehicle investing exclusively in residential resort developments in Greece, Cyprus, Turkey and Croatia. The Investment Manager of Dolphin Capital Investors is Dolphin Capital Partners Limited, an independent investment management business founded in 2004 by Miltos Kambourides and Pierre Charalambides, who are both based in Athens. Dolphin Capital Investors invests in sophisticated residential resort developments at an early stage in South-East Europe, a region that is emerging as an alternative destination to Spain and Portugal for the holiday and retirement home market. These investments typically comprise residential units (usually several hundred), integrated with leisure components, such as golf, polo, hotel, marina, spa, targeting buyers from Northern Europe and Russia. Dolphin Capital Investors has successfully placed 104 million new ordinary shares at 68 pence per share raising approximately GBP 70.7 million or EUR 104 million before expenses. The majority of the proceeds of the listing will be used to invest in an initial portfolio of projects sourced over the past two years. Dolphin Capital Investors will continue to use its first-mover advantage in the region to select the best investment opportunities in the region and profit from compelling demand/supply conditions. Miltos Kambourides, Founder and Managing Partner of Dolphin Capital Partners, said: "We are delighted the placing has been so well received and we welcome our new shareholders. DCI is now in an excellent position to use its first mover advantage and capitalise on a wide range of investment opportunities that we have sourced over the past two years. We look forward to further expanding our partnerships with leading developers and operators in the development of what will be a unique portfolio of sophisticated residential resorts in South-East Europe." Panmure Gordon is broker to the placing and Grant Thornton Corporate Finance is the Nominated Adviser, while Binns & Co PR is responsible for dealing with Dolphin Capital Investors Ltd.'s financial PR. Specifically tailored to growing businesses, AIM combines the benefits of a public quotation with a flexible regulatory approach. AIM gives companies from all countries and sectors access to the market at an earlier stage of their development, allowing them to experience life as a public company. Source: London Stock Exchange. INVgr update (January 2, 2006): Dolphin Capital Investors Limited (DCI) is a fund managed by Dolphin Capital Partners (DCP). DCI is the first private equity real estate vehicle focusing on the leisure-integrated real estate sector in South-East Europe and, specifically, in master-planned leisure-integrated residential resorts in Greece, Cyprus, Turkey and Croatia in partnership with leading developers and operators. DCI was capitalised in the summer of 2005 by institutional and private investors. The lead institutional investor was New York City-based Fortress Investment Group LLC, a leading investor in real estate private equity founded in 1998 with approximately USD 15 billion of equity capital currently under management. Dolphin Capital Partners was founded in 2004 by Miltos Kambourides and Pierre Charalambides with offices in Athens and Cyprus. Kambourides was previously a founding member and is now a Retired Partner of Soros Real Estate Partners (SREP), recently renamed Grove International Partners. SREP was a global real estate private equity business formed in 1999 by George Soros and Richard E. Georgi, investing on behalf of Soros Real Estate Investors C.V., a USD 1 billion real estate private equity fund that targets Europe and Japan. During Kambourides's tenure as a Partner, SREP executed total investments of USD 500 million of equity in complex real estate transactions in Western Europe and Japan, including a significant investment in several master-planned leisure integrated residential Community developments in Spain through a dedicated real estate platform named MedGroup. While at SREP, Kambourides was primarily responsible for investments relating to property outsourcing in the UK and for the SREP investment strategy in South-East Europe. Kambourides was the deal leader and a founder of Mapeley Ltd., which was a co-investment between SREP and Fortress. In 2005, Fortress acquired full ownership of Mapeley and listed it on the London Stock Exchange. Mapeley was one of the biggest real estate company IPOs in history. Year-end trading update (December 30, 2005): Since Dolphin Capital Investors Limited's admission to trading on the Alternative Investment Market of the London Stock Exchange on December 8, 2005 and the successful raising of EUR 104 million before expenses, Dolphin Capital Partners, the investment manager of DCI, has continued the process of finalising, on behalf of DCI, the contractual arrangements in six investment opportunities in Greece and Cyprus with related capital commitments in excess of EUR 66 million. DCI currently anticipates entering into final and binding agreements in certain of these projects early in the new year. Benefiting from the momentum of the listing and the strong capitalisation of the Company, Dolphin Capital Partners is advancing a number of previous and new pipeline opportunities that are expected to also materialise in the new year. Dolphin Capital Partners is an independent investment management business founded in 2004 by Miltos Kambourides and Pierre Charalambides after leaving Soros Real Estate Partners. "There is an extremely favourable demand versus supply imbalance in the second home market in South-East Europe," Kambourides and Charalambides said, "a region that is emerging today as the obvious alternative destination to the increasingly expensive and overbuilt shoreline of Spain and Portugal." DCP specialises in providing capital to rigorously selected real estate developments in South-East Europe and matching local developers with DCP's international network of sophisticated operators, designers, master-planners, marketing agents and financial institutions. For further information, contact us. <<< Back to INVgr's Special Section on South-East Europe
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