Dolphin Capital sells Cypriot golf resort at 22% discount

Residential specialist Dolphin Capital Investors has announced the sale of Venus Rock Golf Resort in Cyprus at a 22% discount to the most recent valuation.

The €290 mln disposal was carried out through Dolphin’s majority-owned subsidiaries Aristo Developers and Venus Rock Estates. The buyer is a Hong-Kong based international conglomerate and real estate investment group.

The agreedpurchase price comprises a fixed payment of €241.5 mln and a conditional deferred consideration of €48.5 mln. Some €33.5 mln of the deferred sum is conditional on the rezoning of certain agricultural land plots incorporated into the site.

The purchase price represents a discount of about 22% on the project’s most recent valuation of €370 mln, in December 2012.

Dolphin’s 49.8% share of the net purchase price amounts to approximately €117 mln after taxes and transaction charges. This represents a return of 1.41 on the company’s original €83 mln investment, if all deferred considerations are met.