First Turkish Investments

Dolphin Capital Investors Limited
02 November 2007


2 November 2007

               Dolphin Capital Investors Limited ('Dolphin')

DOLPHIN ANNOUNCES FIRST TWO INVESTMENTS IN TURKEY IN PARTNERSHIP WITH KEMER



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 (the 'Partnership')
with Kemer Group ('Kemer'), one of Turkey's leading real estate developers.



Highlights:



  • 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 phaseland
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 20km from Antalya city centre, 15km from Antalya
International Airport, 1.5km from the beach and 15 minutes from the Belek area,
a popular tourism centre 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 premier social, sports
and golf club, offering a vast range of facilities including an 18-hole
internationally accredited golf course, restaurants, sports facilities,
equestrian competition courses, spas, social and cultural event facilities and
personal development programmes in a unique natural setting.




For further information, please contact:

Dolphin Capital Partners
Miltos Kambourides / Pierre Charalambides
[e-mail] / [e-mail]

Grant Thornton Corporate Finance                       Tel: [phone]
(Nominated Adviser)
Philip Secrett

Panmure Gordon                                         Tel: [phone]
(Broker)
Richard Gray / Dominic Morley / Andrew Potts

Financial Dynamics                                     Tel: [phone]
(Public Relations)
Stephanie Highett / Lauren Mills / Nicole Marino

Kemer Group Website                                    www.kemergroup.com
                                                       www.kemermediterra.com


Notes to Editors



Dolphin Capital Investors

Dolphin, currently the largest real estate investment company listed on AIM,
seeks to provide shareholders with strong capital growth combined with a low
risk profile through investing in early-stage, large-scale, leisure-integrated
residential resorts mainly in Southeast Europe in partnership with world leading
designers and operators. Dolphin's shares commenced trading on AIM in December
2005 raising £70.7 million (€104 million) at an issue price of 68p, followed by
a £202.7 million (€300 million) secondary offering at a price of 93p per share
in October 2006. In June 2007, Dolphin raised a further £303 million (€450
million) in a follow-on issuance priced at 170p per common share.



With these two investments in South Turkey, Dolphin has in total invested €411
million and committed €614 million to various projects in Greece, Cyprus,
Croatia and Turkey. Dolphin is also the 85% owner of Aristo Developers Plc, one
of the region's largest and most experienced holiday home developers.



Dolphin Capital Partners

DCP is an independent investment management business founded in 2004 by Miltos
Kambourides and Pierre Charalambides after leaving Soros Real Estate Partners.



The DCP professionals combine extensive local knowledge and contacts with
expertise gained at some of the world's leading financial institutions. They
specialise in providing capital to rigorously selected real estate developments
mainly in the eastern Mediterranean, typically through joint ventures with local
developers. DCP cooperates with an international and sophisticated network of
operators, designers, master-planners and marketing agents for each of its
developments.


                      This information is provided by RNS
            The company news service from the London Stock Exchange