16th Jul 2008 07:00
16 July 2008
Dawnay, Day Treveria PLC
("Treveria" or the "Company")
The Board of Treveria (the "Board") notes the press speculation regarding the Dawnay, Day Group.
The Board confirms that the Company's assets and liquidity position is unaffected by current issues surrounding the Dawnay, Day Group. The Company is a separate legal entity controlled by an independent board of directors, five out of six of whom are independent of the Dawnay, Day Group. In addition, the chairman of the Investment Committee is independent of the Dawnay, Day Group. The Company has a significant portfolio of property assets last valued at €2.33 billion as at 31 December 2007, comprising income producing assets located across Germany with a strong and diverse mix of well-known tenants.
The Company is externally managed by Dawnay, Day Treveria Real Estate Asset Management Limited ("DDTREAM") under the Portfolio Management Agreement and its properties are managed by Dawnay Day Property Investment GmbH under a series of Property Management Agreements (together the "Asset Managers").
Despite extensive recent discussions with the Asset Managers, the Board has not yet been given sufficient reassurance about the current financial stability of the Asset Managers. These discussions are, however, continuing. The Board is also working actively alongside the management team to ensure that the day-to-day management of the Company continues as normal.
In addition, the Board is simultaneously examining alternative management arrangements in the event that the Asset Managers are unable to fulfil their obligations to the Company in the future. The Board is also continuing its wider strategic review, as previously disclosed to shareholders.
A further announcement to shareholders will be made as appropriate.
Enquiries:
|
Citigroup (NOMAD to the Company) Alex Carter |
+44 (0)20 7986 4000 |
|
JPMorgan Cazenove Richard Cotton / Bronson Albery |
+44 (0)20 7588 2828 |
|
Financial Dynamics Stephanie Highett / Richard Sunderland |
+44 (0)20 7831 3113 |
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