30th Aug 2006 07:02
Dawnay, Day Carpathian PLC30 August 2006 DAWNAY, DAY CARPATHIAN PLC Acquisition of MacroMall Shopping Centre, Brasov, Romania Dawnay Day Carpathian Plc ("Dawnay, Day" or the "Company") is pleased toannounce that it has acquired the MacroMall Shopping Centre in Brasov, Romaniafor €19m. This includes a consideration of €2m for an adjoining developmentsite. The acquisition represents an initial net yield for the shopping centre of9.00%. The MacroMall Shopping centre was opened in December 2005, and has a netlettable area of 7,868 sq m with 350 parking spaces. MacroMall has approximately82 tenants with an average rent of €16 sq m. This acquisition also includes anadjoining site of 7,735 sq m which could provide an additional opportunity todevelop around 70% of this area. Of the €2m consideration for the site €1m isdeferred until building consent has been approved in accordance with theCompany's requirements. Brasov is one of the largest cities in Romania, with a population ofapproximately 320,000. It is located in the Transylvanian Plateau, about 100miles North of Bucharest, surrounded by several popular tourist resorts. MacroMall is situated on the south side of Brasov, at the centre of a cluster ofmodern retailing buildings, including Selgros, Cash and Carry, Carrefour, Metroand a Praktiker DIY store, with several other commercial developments in thearea. This acquisition is a share purchase transaction from two Romanian companies andrepresents the first investment in Romania for the Company. Geographicalcoverage has increased in Central and Eastern European to five countries, andthis 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 arestarting from a strong base, as usual we are confident of adding further valuethrough asset management, and in this instance we also have the opportunity todevelop the adjacent site. Together this adds up to be a very interestingacquisition 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 ageared €1 billion portfolio of retail properties. To date, the Company haspurchased four shopping centres with a property valuation of €64.5 million inPoland, the Antana Warehouse Park in Hungary valued at €21.0 million, theVaryada Shopping Centre in the Czech Republic valued at €37.0 million, thePromenada Shopping and Business Centre in Poland for an initial €127.0 millionthe Plaza Portfolio of four shopping centres in Hungary for an initial €61.0million and the Babilonas Shopping Centre in Lithuania for €32.5million. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Adams