AIM-listed South-Eastern European developer and investor Dolphin Capital Investors is acquiring the remaining 15% interest it did not own in Aristo Developers for a total of EUR 93 mln including a cash payment of EUR 50 mln. Aristo is the largest private land owner and the leading residential developer in Cyprus.
AIM-listed South-Eastern European developer and investor Dolphin Capital Investors is acquiring the remaining 15% interest it did not own in Aristo Developers for a total of EUR 93 mln including a cash payment of EUR 50 mln. Aristo is the largest private land owner and the leading residential developer in Cyprus.
The stake is being acquired from Theodoros Aristodemou, founder and managing director of Aristo. The remaining EUR 43 mln will be paid in DCI shares. The price represents a 30% discount to the estimated value as at end-2008.
Miltos Kambourides, Managing Partner of Dolphin Capital Partners, said: 'Dolphin remains in a strong position with cash balances in excess of EUR 100 mln and no debt at the company level, enabling us to continue to prudently progress our portfolio developments as planned.'
