Dolphin Capital Investors has announced two investments in the Turkish residential resort market following the sealing of a strategic partnership with Turkish property developer Kemer.
Dolphin Capital Investors has announced two investments in the Turkish residential resort market following the sealing of a strategic partnership with Turkish property developer Kemer.
Dolphin Capital is investing EUR 28.6 mln in equity in the two projects in Port Kundu and LaVanta. Both projects are located in the Antalya region in southern Turkey. Specifically, Dolphin is investing EUR 3.2 mln to acquire 80% of the holding company that owns Phase 1 of the Port Kundu water villas project from Kemer and expects to invest a further EUR 20 mln in additional phase land acquisitions and early development funding expenses. Dolphin Capital has also agreed to invest EUR 2.4 mln to acquire 60% of the holding company of the LaVanta villa complex from Kemer, and a further EUR 3 mln for early development expenses.
Port Kundo is slated to become a residential resort, comprising more than 450 villas surrounded by water canals along the banks of the Aksu River. Dolphin Capital noted the project is at an advanced stage of permitting and is expected to be launched in 2008. LaVanta is being developed as a residential resort comprising nearly 200 villas and townhouses overlooking the Aegan Sea. The fully permitted project is 2 months into the construction process and has received more than 25 units of pre-sales.
Dolphin Capital unveiled its partnership with Kemer in September. As part of their agreement, Dolphin is committed to a minimum of EUR 50 mln in capital for investments in residential resort developments along Turkey’s Mediterranean coast. Dolphin Capital is listed on the AIM segment of the London stock exchange. With these 2 investments in Turkey, Dolphin Capital has invested a total EUR 411 mln and committed EUR 614 mln to various projects in Greece, Cyprus, Croatia and Turkey.