GWIK.L Regulatory News (GWIK)

19 Dec 2007 07:00

Dawnay, Day Treveria PLC19 December 2007 Dawnay, Day Treveria PLC announces that it has agreed to acquire two Hertie stores for a combined total of €22 million Dawnay, Day Treveria PLC ("DTR" or "the Company") is pleased to announce that ithas agreed to acquire two department stores for a combined total of €22 million.This notification is being made pursuant to AIM Rule 13 which applies to relatedparty transactions. The first property adjoins the shopping centre, Nordsee Passage, Wilhelmshaven,Lower-Saxony, which was acquired by DTR in November 2006 from DEGI (DeutscheGesellschaft fur Immobilienfonds) GmbH. The shopping centre comprises 28,341 msq of retail space and a 601 space car park. Tenants include H & M, C & A, Kultand Promarkt. The total lettable area of the department store is 10,671 m sqwhich is leased to Hertie GmbH on a lease expiring in 2020 at a rent of €587,891per annum. The second property is located within the shopping centre, Marler Stern, Marl,North Rhine-Westphalia. In June 2007, DTR acquired 19% of this shopping mallfrom Union Investment Real Estate AG and with this acquisition the Company willown 44%. The shopping centre comprises 58,000 m sq of retail space and a 1,800space car park. Tenants include Wehmeyer, H & M, Deichmann and C & A. The totallettable area of the department store is 14,937m sq which is leased to HertieGmbH on a lease expiring in 2020 at a rent of €972,085 per annum. The blended net initial yield of the two new acquisitions is 6.97%. DTR is acquiring the two properties from Dawnay, Day Group which owns the Hertiechain of department stores. DTR believes that there is strategic advantage fromacquiring these properties as they are adjacent to existing sites within theCompany's portfolio. These acquisitions are related party transactions by virtueof the fact that Peter Klimt, a director of DTR, is one of the principals ofDawnay, Day Group. In the context of these acquisitions, the directors of DTR,excluding Mr Klimt, having consulted with its nominated adviser, CitigroupGlobal Markets U.K. Equity Limited, consider the terms of the transaction arefair and reasonable insofar as DTR's shareholders are concerned. Ian Henderson, Chairman of Dawnay, Day Treveria, commented: "As thesetransactions demonstrate, we are continuing to expand our portfolio of highquality German retail properties. In addition, our portfolio has excellent scopefor value enhancing opportunities through asset management, and we remainfocused on creating maximum value for shareholders." Enquiries: Dawnay, Day Treveria Real Robert Goldsmith 020 7834 8060Estate Asset ManagementLimited www.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 Exchange