TIDMDCI
RNS Number : 3212V
Dolphin Capital Investors Limited
02 November 2017
2 November 2017
DOLPHIN CAPITAL INVESTORS LIMITED
("DCI" or "Dolphin" or the "Company",
together with its subsidiaries, the "Group")
DCI AND ONE&ONLY RESORTS
TO DEVELOP THE ONE&ONLY KEA ISLAND
DCI, a leading investor in high-end residential resorts in the
eastern Mediterranean, is pleased to announce that it has agreed
with One&Only Resorts Limited ("One&Only"), a subsidiary of
Kerzner International Holdings Limited, the development and
management of the One&Only Kea Island (the "Resort") in Kea,
Greece, together with a EUR16 million equity investment. The Resort
is expected to comprise 75 ultra-luxury One&Only suites, spa,
beach club and leisure facilities as well as a number of
ultra-luxury branded residences.
DCI, through its project subsidiary companies is 67% shareholder
in the project companies ("Kea Resort SPV") that own the 60 hectare
freehold beachfront site in Kea, with 33% held by Exactarea
International Limited.
On 1 November 2017 DCI, through its relevant project subsidiary
companies, entered into an agreement for a EUR16 million cash
equity investment by One&Only into the project, which will be
deployed in the development of the Resort, in consideration for a
40% shareholding in the project (the "Investment Agreement"). The
transaction includes the operation of the Resort and the residences
by One&Only (or its designated affiliates) through long-term
management and branding agreements. The development and asset
management of the project will be undertaken by Dolphin Capital
Partners.
Completion of the Investment Agreement is subject to DCI meeting
certain conditions, including the redesign of the Resort to meet
the One&Only brand standards, the revision of the Resort
construction permits from the relevant authorities to reflect the
new designs and the completion of a EUR30 million senior loan
facility against the project (for which a term-sheet is already in
place with a major Greek bank) together with the finalization of
the turn-key construction contract. The commencement of the
Resort's construction is also subject to an additional EUR4 million
equity injection in the Resort by third party investors which have
been identified. DCI expects that these conditions will be met no
later than 30 April 2018 and it is therefore intended that the
Resort will be developed in time for the 2020 season.
The implied entry valuation for the One&Only new equity
investment (and the EUR4m additional investment) is EUR20 million
and it represents a 4% discount to DCI's Net Asset Value before
Deferred Income Tax Liabilities as at 30 June 2017 for Kea
Resort.
Following completion of the Investment Agreement, DCI's economic
interest in Kea will be 33.3% and DCI will jointly control the
project with One&Only pursuant to the terms of a Shareholders
Agreement that will be entered between the parties. Exactarea
International Limited will retain the remaining 16.7% interest.
Commenting on the transaction, Andrew Coppel CBE, Chairman of
the DCI Board, said:
"This investment by One&Only into our Kea resort is a major
step towards maximizing the value of one of the DCI's major assets
in Greece. The participation of One&Only, one of the most
respected global resort brands, reflects very positively on DCI and
its portfolio. We are confident that our partnership with
One&Only will produce one of the finest resorts in the
Mediterranean."
Miltos Kambourides, Company Founder and Managing Director of
Dolphin Capital Partners, said:
"We are thrilled to be partnering with One&Only, a global
leader in luxury resorts, to develop One&Only Kea Island, which
is expected to set a new standard of ultra-luxury resorts in the
Cyclades. Our goal is to create another world class asset which,
together with Amanzoe, will comprise two of the top resorts in the
Mediterranean and will epitomize the quality and potential of the
Greek hospitality market."
Kerzner International Holdings Limited, through its
subsidiaries, is a leading international developer and operator of
destination resorts, ultra-luxury hotels and residences and
innovative entertainment and gaming experiences. Kerzner's flagship
brand Atlantis, includes Atlantis, The Palm, Dubai, a 1,500-room,
water-themed resort on The Palm, overlooking the Arabian Sea and
mainland Dubai; and Atlantis, Sanya Hainan in China, under
development, as well as The Royal Atlantis Resort & Residences
in Dubai. Under the One&Only brand, Kerzner manages eight of
the top-rated luxury resort properties in the world, located in The
Bahamas, Mexico, Mauritius, the Maldives, South Africa, Dubai and
Australia. Additionally, Mazagan Beach & Golf Resort, a
500-room destination golf and casino resort in Morocco, is also
operated by Kerzner. For more information concerning Kerzner and
its operating subsidiaries, visit kerzner.com.
One&Only
Created exclusively for the ultra-luxury market, One&Only is
conceived as a hallmark of excellence. Set in some of the most
beautiful locales in the world, each award-winning resort offers
guests a distinctive style and personality borne of its local
culture, a genuine hospitality and a lively energy that is
unrivalled. One&Only has recently announced the expansion of
the portfolio with the inclusion of Nature Resorts, Urban Resorts
and Private Homes. These new experiences will complement the
existing resort collection including One&Only Reethi Rah in the
Maldives; One&Only Le Saint Géran in Mauritius; One&Only
Royal Mirage and One&Only The Palm in Dubai; One&Only Ocean
Club in The Bahamas, One&Only Palmilla in Los Cabos, Mexico,
One&Only Cape Town in South Africa and Emirates One&Only
Wolgan Valley in The Blue Mountains in Australia. As part of the
new portfolio, One&Only has announced two new Nature Resorts in
Rwanda. Other resorts in development include One&Only Portonovi
in Montenegro, which will be the first property for the collection
in Europe, One&Only Seef in Bahrain and two new resorts in
Puerto Vallarta, Mexico, One&Only Mandarina and One&Only
Santa Maria de Xala. More information on One&Only is available
at oneandonlyresorts.com
Enquiries:
Dolphin Capital Investors
Andrew Coppel, CBE +44 (0) 7785 577023
Dolphin Capital Partners
Miltos Kambourides miltos@dolphincp.com
Panmure Gordon
(Broker)
Richard Gray/Andrew Potts +44 (0) 20 7886 2500
Grant Thornton UK LLP
(Nominated Adviser)
Philip Secrett +44 (0) 20 7383 5100
Instinctif Partners
(Corporate PR Adviser)
Mark Garraway +44 (0) 20 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange
END
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