Dolphin Capital, Eco embark on capital increases

Athens-based Dolphin Capital Investors and Austria's Eco Business-Immobilien have both announced plans this week to raise capital through share issues to fund their expansion programmes.

Dolphin Capital is placing common shares to raise EUR 500 mln to fund the company's ongoing investment programme in the residential resort sector in south-east Europe. Goldman Sachs International and Morgan Stanley are acting as lead managers, joint bookrunners and placing agents. Panmure Gordon is acting as co-lead manager. The funds raised are expected to be fully committed within the next 12 months.

Dolphin Capital said the share issue will reinforce its position as one of the largest real estate investment companies listed on the Alternative Investment Market of London Stock Exchange. In a separate statement, Dolphin Capital said its revised net asset value rose 50% from the end of December 2006 to (165 pence) EUR 2.44. The Company is currently almost fully invested and as at 31 March 2007 has made additional commitments of EUR 150 mln on existing projects. In addition, the company has identified a pipeline of EUR 850 mln of potential investments.

Eco Business Immobilien, a Vienna-listed property company that invests predominantly in high-quality office and retail real estate, announced it is to increase the company's share capital by issuing up to 17.5 million new shares, with the addition of up to 2.5 million new shares to cover over-allotments.

Founded in October 2003, ECO initially focused on the German and Austrian markets. More recently it has turned its attention to 'leveraging opportunities for growth in CEE countries'.