Real estate investment firm Dolphin Capital Investors Limited (DCI.L) Monday said that on May 17 its 49.8 percent subsidiaries Aristo Developers Ltd and Venus Rock Estates Ltd executed a binding contract of sale for their interest in the Venus Rock Golf Resort.
The agreed purchase price for the sale of the interest totals 290 million euros, comprising a fixed consideration of 241.5 million euros and a conditional deferred consideration of 48.5 million euros.
The sale comprises all the plots and land, all permits and licenses granted, all related machinery and stock, and all the contracts and other agreements relating to the project's development.
The 290 million euros purchase price represents around 22 percent discount to its latest valuation of 370 million euros as at December 31, 2012.
The transaction is expected to result in a decrease in Dolphin's Net Asset Value per share by 7.7 percent and 5.6 percent before and after deferred income tax liabilities, respectively based on the December 31 2012 reported NAV.
Of the purchase price, up to 103 million euros will be used for the release of existing mortgages on the Venus Rock properties and 25 million euros will be used to repay the existing project loans.
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