DOLPHIN Capital Investors Limited has announced the sale of the Venus Rock Golf Resort in Paphos to an investment group from Hong Kong in a deal signed on 17th May for €290 million.
Venus Rock is one of the largest beach front developments in Europe situated on 2,375 acres (961 hectares) of land with 850 metres of beach front.
Subject to planning permission, it will include the five star Nikki Beach Hotel and Beach Club, two 18 hole golf courses designed by Tony Jacklin, two community sports centres, up to 3,000 luxury private homes, commercial and leisure facilities convenience stores, shops, coffee shops, restaurants and cinemas.
In their press release Miltos Kambourides, Managing Partner of Dolphin Capital Partners Limited, commented:
“In line with our strategic objectives for 2013, we are pleased to execute this landmark transaction, which has enormous benefits not only for Dolphin but also for the Cypriot economy in general.
“In a period of very challenging market and operational conditions in Cyprus due to the current banking crisis, the sale of Venus Rock for a significant cash consideration, demonstrates the quality of Dolphin’s real estate portfolio and proves the resilience of the Cyprus property market.
“We look forward to establishing a strategic partnership with the Purchaser of the Venus Rock project and expanding the relationship to other Dolphin assets”.
Dolphin is a leading global investor in the residential resort sector in emerging markets and one of the largest real estate investment companies quoted on AIM in terms of net assets. Dolphin seeks to generate strong capital growth for its shareholders by acquiring large seafront sites of striking natural beauty in the eastern Mediterranean, Caribbean and Latin America and developing sophisticated leisure-integrated residential resorts.
Since its inception in 2005, Dolphin has raised €948 million of equity, has become one of the largest private seafront landowners in Greece and Cyprus and has partnered with some of the world’s most recognised architects, golf course designers and hotel operators.
Dolphin’s portfolio is currently spread over approximately 63 million m2 of prime coastal developable land and comprises 14 large-scale, leisure-integrated residential resorts under development in Greece, Cyprus, Croatia, Turkey, the Dominican Republic and Panama and a 49.8% strategic participation in Aristo Developers Ltd, which is one of the largest holiday home developers in south east Europe with more than 60 smaller holiday home projects in Cyprus.
Dolphin is managed by Dolphin Capital Partners, an independent real estate private equity firm.