Dolphin makes waves in Greece

Dolphin Capital Investors, the largest residential resort investor in Southeast Europe is investing EUR 26 mln to develop the Plaka Bay Resort on the Greek island of Crete. The 430-hectare property has a 7 km seafront and the new resort will comprise a few hundred residential units, a five-star hotel, other leisure facilities and, potentially, an 18-hole golf course. Plaka Bay, situated on a secluded peninsula 30 minutes from Sitia international airport, is DCI’s ninth major project in Greece and its second on Crete, Greece’s most popular holiday destination.

DCI, the largest AIM-listed real estate investment company, has acquired a 60% holding in the project; 40% remains with the sellers, the Ionnou family, major shareholders in J&P Group, one of the region's largest construction companies. J&P Development, a subsidiary of J&P Group, will, at this stage, remain involved in managing the project. Milton Kambourides of Dolphin Capital Partners who manages DCI, commented: 'Plaka Bay is our second project in the upcoming region of Sitia and one of the largest freehold seafront sites on the island of Crete which has already entered the design and permitting approval process by our 40% strategic partners.'