Dawnay, Day Carpathian PLC
30 August 2006
DAWNAY, DAY CARPATHIAN PLC
Acquisition of MacroMall Shopping Centre, Brasov, Romania
Dawnay Day Carpathian Plc ("Dawnay, Day" or the "Company") is pleased to
announce that it has acquired the MacroMall Shopping Centre in Brasov, Romania
for €19m. This includes a consideration of €2m for an adjoining development
site. The acquisition represents an initial net yield for the shopping centre of
9.00%.
The MacroMall Shopping centre was opened in December 2005, and has a net
lettable area of 7,868 sq m with 350 parking spaces. MacroMall has approximately
82 tenants with an average rent of €16 sq m. This acquisition also includes an
adjoining site of 7,735 sq m which could provide an additional opportunity to
develop around 70% of this area. Of the €2m consideration for the site €1m is
deferred until building consent has been approved in accordance with the
Company's requirements.
Brasov is one of the largest cities in Romania, with a population of
approximately 320,000. It is located in the Transylvanian Plateau, about 100
miles North of Bucharest, surrounded by several popular tourist resorts.
MacroMall is situated on the south side of Brasov, at the centre of a cluster of
modern retailing buildings, including Selgros, Cash and Carry, Carrefour, Metro
and a Praktiker DIY store, with several other commercial developments in the
area.
This acquisition is a share purchase transaction from two Romanian companies and
represents the first investment in Romania for the Company. Geographical
coverage has increased in Central and Eastern European to five countries, and
this represents the 7th transaction since our inception.
Commenting on the transaction, Rupert Cottrell, Chairman of DDC PLC said:
"This is an excellent acquisition for us. With an initial 9.00% net yield we are
starting from a strong base, as usual we are confident of adding further value
through asset management, and in this instance we also have the opportunity to
develop the adjacent site. Together this adds up to be a very interesting
acquisition and takes our total investments to date to €363m."
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 with a property valuation of €64.5 million in
Poland, the Antana Warehouse Park in Hungary valued at €21.0 million, the
Varyada Shopping Centre in the Czech Republic valued at €37.0 million, the
Promenada Shopping and Business Centre in Poland for an initial €127.0 million
the Plaza Portfolio of four shopping centres in Hungary for an initial €61.0
million and the Babilonas Shopping Centre in Lithuania for €32.5million.
This information is provided by RNS
The company news service from the London Stock Exchange