Dawnay, Day Carpathian PLC
17 October 2007
DAWNAY, DAY CARPATHIAN PLC
("DDC" or the "Company")
Acquisition of 31 retail units within an upmarket residential development in
Warsaw, Poland for €9.2 million
Dawnay, Day Carpathian PLC is pleased to announce the acquisition of 31 retail
units located within the Marina Mokotow residential development in Warsaw,
Poland ("Marina Mokotow") for a total purchase price of €9.2m representing an
initial yield of 8.5%.
The individual assets are being purchased in two phases. The first phase
comprises the purchase of 25 properties completed on 16 October 2007 with an
equity contribution from DDC of €1.72m. The second phase purchase, comprising
the remaining 6 properties, is expected to complete and be transferred into DDC
in the first quarter of 2008, using an additional €750,000 financed by DDC. The
balance of the funding for the acquisitions will be financed through bank debt
on competitive terms.
The premises are let at a minimum of five years to a variety of tenants focusing
on the convenience goods and services segment serving the local residents. The
majority of shops are each between 40 and 70 sq m in size and are located on the
ground floors of six apartment buildings. 32 parking spaces are also included as
part of the purchase. Once fully completed, this purchase will provide the
Company with ownership of 100% of the retail units and associated parking within
Marina Mokotow.
Marina Mokotow is an upmarket residential development of almost forty apartment
buildings, some up to seven storeys tall, and approximately sixty detached and
semi-detached homes situated on 310,000 sq m of land. At the junction of Zwirki
i Wigury and Raclawicka Streets, the development is well-located, proximate to
Warsaw's international airport, 3km to the south and also the city centre, 4km
to the north along Zwirki i Wigury. The Mokotow district is well served by
public transportation and considered a major residential area as well as a
non-central office location.
Commenting on the acquisition, Rupert Cottrell, Chairman of Dawnay, Day
Carpathian PLC said "This acquisition represents the fifth transaction since the
£100m secondary fund raising completed in May 2007 and demonstrates the
continued progress DDC is making in establishing a premier retail portfolio
across Central and Eastern Europe."
Enquiries:
Dawnay, Day Carpathian PLC Peter Klimt 020 7834 8060
Paul Rogers
Cardew Group Tim Robertson 020 7930 0777
Catherine Maitland
Notes to Editors
DDC listed on the AIM market in July 2005 and raised new funds to create a
geared €1 billion portfolio of retail properties. To date, the Company has
purchased four shopping centres in Poland, the Antana Warehouse Park in Hungary,
the Varyada Shopping Centre in the Czech Republic, the Promenada Shopping and
Business Centre in Poland, the Plaza Portfolio of four shopping centres in
Hungary, Macro Mall shopping centre in Brasov, Romania, Babilonas shopping
centre in Panevezys, Lithuania, three retail developments at Cluj, Arad and Baia
Mare in Romania, and the Mid portfolio across Hungary and the Czech Republic.
This information is provided by RNS
The company news service from the London Stock Exchange