Dellis Cay Announces US$62 Million Construction and Take Out Finance from Trinidad & Tobago Unit Trust Corporation

PROVIDENCIALES, Turks & Caicos Islands--(BUSINESS WIRE)--Turks Ltd, the developer of Mandarin Oriental Dellis Cay is pleased to announce its execution and closing of a syndicated loan agreement with Trinidad amd Tobago Unit Trust Corporation. TT UTC has provided Dellis Cay with US$62 million in cash. In addition, this month also celebrates the third month of commencement of construction at Dellis Cay.

“We are very pleased to make this announcement today”

Mandarin Oriental Dellis Cay has proved to be one of the most successful development projects in the Caribbean. The project is being led by entrepreneur Dr. Cem Kinay and O Property Collection, who have been discussing the possibility of working with a reputable financial institution for Dellis Cay’s long-term needs.

“We are very pleased to make this announcement today” says Dr. Cem Kinay, CEO & Chairman of OPC, “and would like to thank TT UTC to place their trust in us, backing our impressive team, and our unique project in Turks and Caicos Islands. I would also like to extend my thanks to Emre Oral and my partner Oguz Serim of OPC for taking the lead at all levels of the negotiation process and finalizing this important milestone for our company.”

Marlon Holder, Executive Director of the Trinidad & Tobago Unit Trust Corporation writes, “We are pleased to work with Dr. Cem Kinay on this landmark development, Mandarin Oriental Dellis Cay in the Turks and Caicos Islands. I would also like to extend thanks to our Merchant Banking team headed by Ms. Kelly Belmontes with assistance from Ms. Sophia Sant for delivering a solution that works for the customer. With Dr. Kinay’s present success with the developments’ sales, construction’s progress, and now with the current NES Loan, we believe that he and his team will achieve a significant momentum to complete the project within time and budget.”

The Trinidad and Tobago Unit Trust Corporation, a diversified financial services company was established in 1981 and is headquartered in Port of Spain, Trinidad and Tobago with subsidiaries in Belize, the Cayman Islands, Trinidad and Tobago and the United States of America, the UTC provides financial solutions for a number of international and regional investors and is a leading mutual fund company in the Caribbean. In addition to mutual fund services, the UTC also provides financial solutions through its Merchant Bank, Treasury and Trust Services area.

Mandarin Oriental Dellis Cay, Turks and Caicos is being developed by The O Property Collection (OPC), a luxury real estate development group, formed in 2005 by Dr. Cem Kinay and Oguz Serim. This group seeks to establish an unprecedented level of design and service excellence across a variety of geographic territories. The world-renowned architects who have been commissioned for Dellis Cay are: Zaha Hadid (London); David Chipperfield (London); Kengo Kuma (Tokyo); Shigeru Ban (Paris/Tokyo); Piero Lissoni (Milan); Carl Ettensperger (Singapore) and Chad Oppenheim (USA). The impeccable architecture and design, together with the legendary service of Mandarin Oriental, makes Dellis Cay one of the most exclusive destinations in the world.

Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels and resorts. Mandarin Oriental now operates, or has under development, 40 hotels representing over 10,000 rooms in 24 countries, with 16 hotels in Asia, 14 in The Americas and 10 in Europe and North Africa.

Dellis Cay is a 560-acre private island in the Turks and Caicos Islands which are located 575 miles south of Miami, Florida, and comprise eight major islands and numerous uninhabited and protected cays. The exclusive island will provide one of the most comprehensive luxury living experiences anywhere on earth and unparalleled opportunities for exceptional home ownership.

Photography of Dellis Cay is available at www.delliscay.com