articles | 21 May 2013

Dolphin sells Venus Rock Golf Resort in Cyprus

Dolphin subsidiaries Aristo Developers and Venus Rock Estates agree on €290m golf resort deal.

Dolphin Capital Investors' 49.8% subsidiaries Aristo Developers and Venus Rock Estates has agreed a binding contract of sale for their interest in the Venus Rock Golf Resort in Cyprus.

The agreed purchase price of €290m comprises a fixed consideration of €241.5m and a conditional deferred consideration of €48.5m.

Dolphin says €15m from the deferred consideration is conditional upon the increase of the existing residential building capacity of the two golf phases of the Venus Rock project, expected to materialise soon as this measure has already been announced by the Cypriot government.

The €33.5m balance is conditional upon the finalisation of the on-going rezoning of certain agricultural land plots included in the project within 12 months from the closing date, which may be expected with more than 50% certainty.

Source: StockMarketWire

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