New €26 million investment near Sitia
Dolphin Capital Investors, currently the leading investor in the Residential Resort sector in Southeast Europe has announced the signing of a new investment in Plaka Bay Resort, situated on the island of Crete, Greece.
The Project, spread over a 4,300,000 m site, is being designed as a seafront, master-planned leisure-integrated resort aiming for a residential development of over 100,000 m ,a five-star hotel, other supporting recreational facilities and potentially an 18-hole golf course.
The site is situated on a secluded peninsula of unspoilt natural beauty, east of Sitia, on the island of Crete. Plaka Bay is only a 30 minute-drive east from Sitia International Airport, a 2.5-hour drive east from Heraklion International Airport and very close to Sitia Harbour.
The 430-hectare property is one of the largest private contiguous land sites on the island of Crete (the largest of the Greek islands) and it has a 7km sea.
DCI has acquired a 60% shareholding in the Project from the Ioannou, the original owners. The 40% shareholding remains with the Ioannou family who are major shareholders in J&P Group, one of the region’s largest construction companies. A €7 million payment has been made upfront and a further €9 million payment will be made upon the Ioannou family obtaining the Environmental Impact Study and the approval of the residential master plan. An additional €10 million has been committed to fund DCI’s share of the Project’s permitting and early development phases, bringing DCI’s total commitment to €26million.
Plaka Bay Resort represents DCI’s second investment in Crete, the most popular Greek tourist destination with over 2.8 million visitors last year and one of the main beneficiaries of the influx of foreign investments in the real estate sector that is anticipated over the coming years.