8th Feb 2008 07:00
Dawnay, Day Treveria PLC08 February 2008 Dawnay, Day Treveria PLC Pre-close portfolio update and current trading Dawnay, Day Treveria PLC ("Treveria" or the "Group") is pleased to announce thatbetween 1 July 2007 and 31 December 2007 it acquired 63 properties for a totalpurchase price of €271 million. The properties were acquired in 15 separatetransactions and are located throughout Germany being made up of a mixtureof high street shops, department stores, shopping centres and retailwarehouses. The net initial yield of these acquisitions is 6.5%, rising to 6.6%when they are fully let. As at 8 February 2008, a further 15 properties with a total purchase price ofapproximately €133 million have been notarised. In aggregate the value of allproperties completed or notarised is €2,494 million as set out in the tablebelow. •m------------------------------------------------------------------------------Valuation as at 30 June 2007 2,090Completions between 1 July and 31 December 2007 271Contracts notarised but not completed as at 8 February 2008 133------------------------------------------------------------------------------Total 2,494 In accordance with the Group's standard policies, DTZ Debenham Tie Leung willcarry out a valuation of the portfolio as at 31 December 2007, and this will bereported in the Group's preliminary results, expected to be announced in April2008. Banking Facilities In November and December 2007, the Group drew down €249.5 million of bank loansfrom two facilities. As at 31 December 2007, the total bank loans outstandingwere €1.8 billion and the current weighted average interest rate is 4.9%. Asset Management Dawnay, Day Treveria Real Estate Asset Management (the "Asset Manager") has hadfurther success in both extending existing and signing new leases throughout theportfolio. For the financial year 2007, a total of 228 lease extensions and newleases were signed with a total area of 45,525m(2). The Asset Manager is pleased to announce two new senior appointments. DamianWisniewski will be joining the Asset Manager on 3 March 2008 as Chief OperatingOfficer/Chief Financial Officer. Damian was previously COO at the Wood WharfLimited Partnership, spent 13 years at Chelsfield plc where he headed theFinance Department, being appointed Finance Director in 2003, and held priorroles at Stanhope Properties plc and Stockley Park Consortium Limited. Damiantrained as a chartered accountant with Ernst & Young where he qualified in 1986. Ellen Lackner, previously Head of Asset Management at Metro Group AssetManagement GmbH, will be joining the Dusseldorf office on 18 February 2008 asChief Operating Officer of the Asset Manager's German operations. These appointments bring a wealth of experience in large portfolio managementand are valuable additions to the management team. Outlook The Asset Manager is focused on improving the value of the portfolio through itsactive asset management activities. Given the current market environment, theGroup believes there will remain opportunities for selective acquisitions. Thefundamentals of the German economy remain robust with consensus forecasts forGDP growth of 1.8% in 2008 and unemployment continuing to fall. Enquiries: Dawnay, Day Treveria Real Estate AssetManagement Limited Robert Goldsmith 020 7834 8060www.dawnaydaytreveria.com Cardew Group Tim Robertson 020 7930 0777 Shan Shan Willenbrock Catherine Maitland This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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