17th Oct 2007 07:00
Dawnay, Day Carpathian PLC17 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 retailunits located within the Marina Mokotow residential development in Warsaw,Poland ("Marina Mokotow") for a total purchase price of €9.2m representing aninitial yield of 8.5%. The individual assets are being purchased in two phases. The first phasecomprises the purchase of 25 properties completed on 16 October 2007 with anequity contribution from DDC of €1.72m. The second phase purchase, comprisingthe remaining 6 properties, is expected to complete and be transferred into DDCin the first quarter of 2008, using an additional €750,000 financed by DDC. Thebalance of the funding for the acquisitions will be financed through bank debton competitive terms. The premises are let at a minimum of five years to a variety of tenants focusingon the convenience goods and services segment serving the local residents. Themajority of shops are each between 40 and 70 sq m in size and are located on theground floors of six apartment buildings. 32 parking spaces are also included aspart of the purchase. Once fully completed, this purchase will provide theCompany with ownership of 100% of the retail units and associated parking withinMarina Mokotow. Marina Mokotow is an upmarket residential development of almost forty apartmentbuildings, some up to seven storeys tall, and approximately sixty detached andsemi-detached homes situated on 310,000 sq m of land. At the junction of Zwirkii Wigury and Raclawicka Streets, the development is well-located, proximate toWarsaw's international airport, 3km to the south and also the city centre, 4kmto the north along Zwirki i Wigury. The Mokotow district is well served bypublic transportation and considered a major residential area as well as anon-central office location. Commenting on the acquisition, Rupert Cottrell, Chairman of Dawnay, DayCarpathian PLC said "This acquisition represents the fifth transaction since the£100m secondary fund raising completed in May 2007 and demonstrates thecontinued progress DDC is making in establishing a premier retail portfolioacross 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 ageared €1 billion portfolio of retail properties. To date, the Company haspurchased four shopping centres in Poland, the Antana Warehouse Park in Hungary,the Varyada Shopping Centre in the Czech Republic, the Promenada Shopping andBusiness Centre in Poland, the Plaza Portfolio of four shopping centres inHungary, Macro Mall shopping centre in Brasov, Romania, Babilonas shoppingcentre in Panevezys, Lithuania, three retail developments at Cluj, Arad and BaiaMare 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 ExchangeRelated Shares:
Adams