Dolphin Capital Investors, the listed property fund created by private equity firm Dolphin Capital Partners, has completed a shares-for-assets swap program as part of a financial overhaul.
Dolphin has been giving shareholders the right to exchange shares in the company for certain real estate assets, a program instigated in March.
It said that in total 39 assets have been tendered. They comprise 35 completed homes in the Paphos and Limassol area of Cyprus, plus three residential plots and one land site.
Dolphin added that the asset value of the properties exchanged or tendered amounted to €4.2 million, which represented a 52 percent discount to the sale price of €8.8 million used as the original valuation basis of the sale price earlier this year when the firm outlined details of the scheme.
Participating shareholders will transfer their shares totaling around 9.3 million to the company later this month.
Dolphin said, as expected, the program had been “accretive” to the company’s net asset value.