Adams Regulatory News (ADA)

1 Oct 2007 08:55

Dawnay, Day Carpathian PLC01 October 2007 Dawnay, Day Carpathian PLC ("DDC" or the "Company") Announces the Acquisition of a portfolio of 4 properties in the Czech Republic and Hungary Dawnay, Day Carpathian PLC, the retail property investment company establishedto invest in Central and Eastern Europe, is pleased to announce that it hasacquired a retail portfolio of four properties from MID Group based in Austriafor a total consideration of £46.7m (€67.7m). The portfolio comprises two properties in the Czech Republic; a 22,000 sqmshopping centre in Hradec Kralove and a 7,700 sqm supermarket in Znojmo, and twoproperties in Hungary; a 10,000 sqm retail park in Ozd and a 9,000 sqmsupermarket in Gyula. The majority of the portfolio is let to majorinternational brand retailers on long leases with 87% of the income securedagainst leases with Interspar and Baumax. The average unexpired lease term inthe portfolio is in excess of 10 years. After purchase costs, the portfolio will produce net initial returns ofapproximately 6.45% rising with lease indexation. The purchase was closed andsimultaneously part financed with a 3 year loan from Hypo Real EstateInternational. Equity invested is £9.7m, (€14.07m) The properties offer predominantly convenience-based retailing activities withcar parking in areas of strong resident population. The average rent per sqm isapproximately €8.00 per month. Commenting on the acquisition, Rupert Cottrell, Chairman of Dawnay, DayCarpathian PLC said "This is an excellent strategic purchase for the Company,bringing a secure, long term income flow to our diverse portfolio. Theseproperties leased to high quality retailers compliment well the more activeasset management led investments within the portfolio and the developmentactivity we are also now undertaking." Enquiries: Dawnay, Day PanTerra Peter Klimt 020 7834 8060 Paul Rogers Balazs Csepregi Cardew Group Tim Robertson 020 7930 0777 Catherine Maitland Numis Securities Bruce Garrow 020 7260 1000 Anthony Richardson This information is provided by RNS The company news service from the London Stock Exchange