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.
@Denton Mackrell – The Hong Kong based company has been named as “China Glory National Investment†and one of their number is Charles Zhang (reported in the Financial Mirror).
Has the group of investors from HK actually been identified?? It’s all a mystery in HK, according to highly placed sources there. Why the cloak and dagger? I doubt that it will be the likes of Henderson Land, for example, or any of the big players. And why would any solid investor be so keen to invest in a virtual project that apparently does not yet have planning permission?
Why have we seen no maps or plans for this huge development?
I find it hard to believe that the government will allow a housing estate to spoil this spectacular coastline close to Aphrodite’s Rock.
Well lets hope they don’t botch this deal as well!
If it’s the same Venus Rock/Secret Valley complex that is to the north of the Limassol to Paphos highway then it’s hardly a seafront development!
As I understand it, ALL seafronts/beaches/cliffs etc well ALL the coastline in the Government controlled part of the island is publicly owned, oh that the big hotels in Limassol had their own ‘private’ beach.
I have seen that development last year, with all that land, they could have asked four times that amount, and got it, Its been sold cheap and the door has now been opened for you know what; Such a pity! RB
Looks like they have sucked in another load ….. !
Ah well its work for a few people for a while, if it gets built and finished. Unlike our development.
Tell them to invest at Ayia Thekla near Ayia Napa as Sotira council are building 3 large New beaches from Ayia Thekla Beach to Potomas.
They must be expecting some investment there as well?
OH yes with car parks … but they still cant push the developers to complete the developments they have started so we all can get title deeds…. Makes you Laugh …
CARRY on CYPRUS (another one for the “carry on” series)
Cheers
UBoat
“Subject to planning permission”.
Now that phrase just about sums it all up!
I wonder what will it be in the end…
I am puzzled by a couple of things. First, the Venus Resort appears to be a virtual project. Nothing wrong in speculation but will they be prepared to write their investment off if the project fails to get off the ground for whatever reason (this being Cyprus)?
Second, Dolphin apparently own about 49% of the developer Aristo, which had substantial debt liabilities.
Third, what happened to the alleged Euro 239m loan from the Bank of Cyprus (former BoC regime) to the Aristo controlling owner before he resigned as chairman of the board of BoC on ‘ill health grounds’.
I think that MOKAS might want to look into the circularity of money movements here!!
@Pippa – I think you mean that Title Deeds will be available on delivery of the homes (the same as the UK).
But even so, I feel you are confusing ‘ambition’ with ‘ability’.
I assume the title deeds will be available for the 3000 luxury homes at time of sale?