Holiday resort developers to invest in Greece

Published on: "Herald Tribune"

By Stathis Kousounis

There is good news for the Greek economy and tourism, as an investment group said it plans to invest up to 1 billion euros in Greece, Cyprus, Croatia and Turkey to develop organized touristic accommodation complexes, mainly for northern Europeans.

The investment group in question is Dolphin Capital Investors Ltd (DCI), which only yesterday got listed in London’s Alternative Investment Market (AIM). In Greece its interest focuses on the Peloponnese, Central Greece and the Cyclades.

Several institutional investors participate in DCI, including Goldman Sachs, Morgan Stanley, UBS, Merrill Lynch and Deutsche Bank as well as the National Bank of Greece.

Managing DCI is Dolphin Capital Partners, an independent investment management group founded in 2004 by enterpreneurs Miltos Kambourides and Pierre Charalambides. According to Kambourides, the firm has already conducted market research over the last couple of years in the regions in which it intends to invest. Shares worth 104 million euros have now been allocated.

According to the schedule to date, in the medium term the investment group aims to place 1 billion euros in the domain of organized holiday housing. The group’s investment strategy will focus on developing holiday resorts to include organized housing units and recreation facilities.

Source: "Herald Tribune"