Dolphin announces first two investments in Turkey in partnership with Kemer (TR/UK)

Dolphin Capital Investors, currently the leading investor in the residential resort sector in the Eastern Mediterranean and the largest real estate investment company listed on AIM, today announces its first two investments in Turkey following the creation of a strategic partnership with Kemer Group, one of Turkey's leading real estate developers.


  • Dolphin is committing at least €50 million to the Partnership with Kemer dedicated to investing in residential resort developments along Turkey's Mediterranean coast.
  • Almost €30 million of equity will be invested in Port Kundu and LaVanta, in the region of Antalya, in southern Turkey. These first two projects will comprise approximately 650 units.
  • Dolphin's remaining commitment will be utilised to fund land acquisitions and early development expenses in a pipeline of deals in southern Turkey over the course of the next year.

Dolphin is managed by Dolphin Capital Partners ("DCP").

Miltos Kambourides, Managing Partner of DCP, commented, "We are delighted to have completed our first two investments in Turkey, as part of our strategic partnership with Kemer, a pioneering Turkish residential resort developer. These investments represent a significant step in our ambitions to establish a market leading position within the fast-expanding Turkish holiday home market, which we believe offers considerable potential to create substantial value for our shareholders."

Further details:
Dolphin has entered into two of Kemer's initiated investments in the Antalya region of South Turkey. Specifically:
  • Dolphin has invested €3.2 million to acquire 80% of the holding company that owns Phase I of the Port Kundu water villas project ("Port Kundu") from Kemer and is expected to invest a further €20 million in additional phase land acquisitions and the funding of early development expenses. Upon completion of all phases, Port Kundu is expected to become a residential resort, comprising more than 450 villas surrounded by water canals along the banks of the Aksu River. Port Kundu is located 20 km from Antalya city center, 15km from Antalya International Airport, 1.5 km from the beach and 15 minutes from the Belek area, a popular tourism center with internationally accredited golf courses and luxury hotels. The project is at an advanced permitting stage and is expected to be launched in early 2008.
  • Dolphin has agreed to invest €2.4 million to acquire 60% of the holding company of the LaVanta villa complex project ("LaVanta"), through a capital increase, with a further €3 million to be invested to fund early development expenses. LaVanta, which is currently 100 per cent controlled by Kemer, is being developed as a residential resort comprising close to 200 villas and townhouses overlooking the Aegean Sea. The project is located 2km from the town centre of Kalkan and is a 1.5 hour drive from Dalaman International Airport. A number of spectacular beaches are located within a 10km, drive, including Kalamar beach (1km), Kaputas beach (7km) and Patara beach (10km). LaVanta is also located one hour from the Greek island of Kastelorizo. The fully permitted LaVanta has already achieved more than 25 units of pre-sales, only two months into construction.

The Partnership with Kemer, announced as part Dolphin's Interim Results statement of 18 September 2007, forms part of Dolphin's drive to expand its presence in new important markets. It is dedicated to investing in residential resort developments along Turkey's Mediterranean coast. Dolphin is committing a minimum of €50 million of capital for investments expected to be executed over the course of the next year. As part of its exclusive Partnership with Dolphin, Kemer will co-invest in and undertake the development management of the Partnership's identified projects.

Kemer is a pioneer in leisure-integrated residential resort developments in Turkey, having sold over 1,000 homes to date. Kemer's flagship development, the Kemer Golf & Country Club outside Istanbul, is Turkey's premie

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