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
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.