Adams Regulatory News (ADA)

14 Jul 2006 07:00

Dawnay, Day Carpathian PLC14 July 2006 DAWNAY, DAY CARPATHIAN PLC Acquisition of Babilonas Shopping Centre, Panevezys, Lithuania Dawnay Day Carpathian Plc ("Dawnay, Day" or the "Company") is pleased toannounce that it has acquired the Babilonas Shopping Centre in Panevezys,Lithuania for approximately €32.5m, to be financed by €24.4m in debt and €8.1min equity. The acquisition represents a net initial yield of 7.3%. The Babilonas centre was developed by Ogmios Centras and Rivona in 2005 and isanchored by a Norfa hypermarket. Babilonas offers over 21,000 sq m of lettablespace and 1,200 car parking spaces. Babilonas is the only modern coveredshopping centre in Panevezys and has an estimated catchment population over200,000 people. The average rent in the centre is €9.8 per sq m, whichrepresents a substantial discount to the town centre. Panevezys is a fast developing city situated in the middle of Lithuania on theVia Baltica highway and it is halfway between the two Baltic capitals - Vilniusand Riga. The local government has a record for attracting and supporting newinvestment into the City. This acquisition represents the sixth property transaction by the Company sinceits flotation in July 2005 and fits Dawnay Day's strategy of buying high qualityretail assets in Central and Eastern Europe that offer attractive yield andcapital growth characteristics. Ogmios Centras have already started constructionworks on the 2nd phase of the Babilonas project on the same 52 hectare lot,which will include further complimentary retail, entertainment, office andresidential development and serve to further strengthen the trading location. Dawnay, Day would like to thank the vendor and their advisors for theirprofessional co-operation throughout the transaction. The vendor was representedby Koba and Dawnay Day were advised by Lawin. Commenting on the acquisition, Rupert Cottrell commented: "This is our firstacquisition in Lithuania, a country which is showing significant growth in termsof GDP. Babilonas is just the sort of well located, easily accessible retailproperty, with excellent growth prospects and a broad tenant base, thatcharacterises our expanding portfolio." 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 millionand the Plaza Portfolio of four shopping centres in Hungary for an initial €61.0million. This information is provided by RNS The company news service from the London Stock Exchange