Iktinos Hellas S.A. (ATSE:IKTIN) entered into an agreement to acquire an additional 77.74% stake in Sitia Bay Resort project from Dolphin CI Thirteen Ltd for €15 million on January 18, 2018. Out of the total deal value, the first installment of €1.4 million is due to be received within 2 business days from the execution of the agreement, while a second installment of €8.6 million is due by March 31, 2018 and can be extended to April 30, 2018, if Iktinos Hellas makes a further €0.7 million payment by March 31, 2018 and the €5 million balance is due by December 31, 2018. Iktinos Hellas will be entitled to a €1 million discount if all the payments are made by March 31, 2018, while the deal can be terminated if second installment is not paid in time or duly extended with the extension payment. In case of termination, Dolphin CI Thirteen will be entitled to retain the €1.4 million installment received as well as the balance of its holding. The transaction is expected to be completed by April 30, 2018. As of January 22, 2018, Dolphin CI Thirteen received the amount of €1.4 million from Iktinos Hellas and has transferred 7.8% of its shareholding interest in Sitia Bay Resort project. Richard Gray, Dominic Morley and Andrew Potts of Panmure Gordon acted as brokers for Dolphin Capital Investors Limited, parent of Dolphin CI Thirteen Ltd. Deloitte, Ernst & Young, and Philip Secrett of Grant Thornton UK LLP acted as accountants while CBRE acted as real estate consultant for Dolphin Capital Investors. Iktinos Hellas S.A. (ATSE:IKTIN) completed the acquisition of an additional 77.74% stake in Sitia Bay Resort project from Dolphin CI Thirteen Ltd for €14 million on April 3, 2018. Iktinos Hellas S.A. was entitled to the agreed €1 million early payment discount from the original €15 million disposal consideration.