Dolphin Capital Investors is slowing the pace of its development and investment projects as it contends with the fallout of the economic downturn.
Instead, the public company, managed by private equity real estate firm Dolphin Capital Partners, will concentrate on its existing projects and attempt to cut construction and design costs, it said in a statement.
Dolphin Capital Investors reported net asset value per share of 236p (€2.99; $3.8) after taxes as of 30 September compared to 219p for the period at 30 June – an increase of 8 percent.
The firm said that during the three months to September, land was acquired for projects including as Play Grande, Amanmila, Seascape Hills and Sitia Bay for €9.4 million. It also acquired a 60 percent stake in Pearl Island, Panama. No acquisitions have been made since Pearl Island.
In view of the current financial climate “we have consciously decelerated the pace of our acquisitions and focused upon optimising our existing portfolio,” Miltos Kambourides, managing partner of Dolphin, said.
“It is a lot more attractive to the company to buy back our own shares at a 90 percent discount than it is to buy more land,” Kambourides told PERE.
He said land had not depreciation in the Mediterranean, with little distressed being seen, although there were some “bargains”. Dolphin has already bought back 10 percent of its shares, and Kambourides said that they would not rule out buying more.