Grivalia Properties’ Luxembourg-based subsidiary Grivalia Hospitality SA on Tuesday announced its first investment, which concerns the acquisition of a 60 percent stake in the Pearl Island project in Panama from Dolphin Capital Investors.

The agreed price is 27 million euros in cash, Grivalia stated, of which 1 million has already been disbursed as an advance payment, while another 24 million will be paid upon the completion of the transaction and the remaining 2 million will be deposited in an escrow account for a period of 12 months.

Pearl Island, or Isla Pedro Gonzalez, is one of the biggest private islands of Panama’s Las Perlas Archipelago, with an area of 13.23 square kilometers.