Acquisition

RNS Number : 9525W

Dawnay, Day Carpathian PLC

18 June 2008

 



                                                      Dawnay, Day Carpathian PLC

 

Second phase acquisition of 6 retail units within upmarket residential development in Warsaw, Poland

Dawnay, Day Carpathian is pleased to announce the completion of the second phase of the acquisition of 31 retail units located within the Marina Mokotów residential development in Warsaw, Poland (“Marina Mokotów”). The second phase purchase comprises six properties for a total purchase price of EUR2.80m. The transaction was financed with EUR740,000 of equity and the balance from a bank debt facility. The bank loan represents 73% of the transaction costs and has a 3 year term at a blended rate of 6.39% per annum.

 

The Company now owns 100% of the retail units and associated parking within the Marina Mokotow development.

 

Marina Mokotów is an upmarket residential development of almost forty apartment buildings, and approximately sixty detached and semi-detached homes situated on 310,000 sq m of land. The development is well-located, proximate to both Warsaw’s international airport, and the city centre. The Mokotów district is well served by public transportation and considered a major residential area as well as a non-central office location.

 

As previously announced, the premises are let at a minimum of five years to a variety of tenants focusing on the convenience goods and services segment serving the local residents. The majority of shops are each between 40 and 70 sq m in size and 32 parking spaces are included as part of the purchase. 

 

Commenting on the acquisition, Rupert Cottrell, Chairman of Dawnay, Day Carpathian PLC said “The Company now has complete ownership of the retail units within the Marina Mokotów development which will enable us to maximise returns within the development and to strategically position the site as part of our premier retail portfolio.”

 

 

 

 

 

Enquiries:

 

Dawnay, Day Carpathian PLC	Paul Rogers Balazs Csepregi	020 7834 8060
Cardew Group	Tim Robertson Catherine Maitland	020 7930 0777
Numis Securities Limited	Anthony Richardson Charles Farquhar Nick Westlake	020 7260 1000

 

 

Notes to Editors

 

DDC listed on the AIM market in July 2005 and raised new funds to create a geared €1 billion portfolio of retail properties. To date, the Company has purchased four shopping centres in Poland, the Antana Warehouse Park in Hungary, the Varyada Shopping Centre in the Czech Republic, the Promenada Shopping and Business Centre in Poland, the Plaza Portfolio of four shopping centres in Hungary, Macro Mall shopping centre in Brasov, Romania, Babilonas shopping centre in Panevezys, Lithuania, four retail developments at Cluj, Arad, Baia Mare and Satu Mare in Romania, the Mid portfolio across Hungary and the Czech Republic and Marina Mokotow in Poland.

           

 

END

 

 

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