Adams Regulatory News (ADA)

7 Nov 2006 07:02

Dawnay, Day Carpathian PLC07 November 2006 DAWNAY, DAY CARPATHIAN PLC 07 November 2006 €82.5m acquisition of the Interfruct portfolio in Hungary Dawnay Day Carpathian PLC ("Dawnay, Day" or the "Company") is pleased toannounce that it has acquired a portfolio of 23 Interfruct properties in a saleand leaseback deal from SCD International Ltd, for a purchase price of €82.5mrepresenting an initial yield of 7.80%, net of acquisition costs. Thisacquisition represents the tenth transaction by the Company since the IPO inJuly 2005. The 23 cash and carry stores are located in Budapest and major regional citiesthroughout Hungary, and have a total gross lettable space of 105,000 metre sq.The stores are let on new 15 year leases to Interfruct kft, Hungary's largestcash and carry retailer, at an average rent of €5.00 per metre sq per month. Theproperties are situated on land plots totalling 345,000 metre sq, several ofwhich offer development potential in the longer term. On one of the sites inBudapest, which overlooks the Danube, terms have been agreed with the tenant toexplore shorter term development opportunities. The portfolio is being purchased in 2 phases, with the first phase of thepurchase comprising 17 properties, financed by equity of €49,5m, having alreadycompleted. The additional properties will be transferred to the portfolio on orbefore 30 March 2007 once the vendor has fulfilled a number of conditions.Dawnay, Day expects to refinance part of the equity used for the initialpurchase within the next 6 weeks. Commenting on this announcement, Rupert Cottrell, Chairman of Dawnay, DayCarpathian said: "This is an excellent transaction, which adds a large portfolioof property assets with a well established tenant and has the added advantage ofproviding potential development opportunities. Today's announcement alsorepresents the fund making good progress towards meeting its investment targetsfor 2006." 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 million,the Plaza Portfolio of four shopping centres in Hungary for an initial €61.0million, Macro Mall shopping centre in Brasov, Romania for approximately €19mand Babilonas shopping centre in Panevezys, Lithuania for €32.5m and theEricsson Property, in Budapest for €17m. This information is provided by RNS The company news service from the London Stock Exchange