Construction Finance Facility

RNS Number : 1847B

Dawnay, Day Carpathian PLC

13 August 2008

 



Date:                      13 August 2008

On behalf of:           Dawnay, Day Carpathian PLC ('Carpathian' or 'the Company')

Embargoed until:    0700hrs

Dawnay, Day Carpathian PLC

EUR 62,500,000 Construction Finance Facility secured for Romanian Development

Carpathian (AIM: DDC), the Central and Eastern Europe retail property investment company, is pleased to announce that it has secured a construction finance facility of EUR 62,500,000 from MKB Bank to fund the development of Atrium Center Arad, its city centre retail project in Arad, Romania.  Atrium Center Arad is one of four retail projects that Carpathian is currently developing in Romania. It is due for completion in 2009.

Commenting on the financing, Rupert Cottrell, Chairman of Carpathian, said:

'We are delighted to have secured this construction finance facility from MKB Bank for this key project in Romania. This further reinforces the market's confidence in our approach and the quality of the assets we are developing.'

- Ends -

Enquiries:

Carpathian Asset Management Limited Paul Rogers / Balazs Csepregi	020 3178 2892
Numis Securities Limited  Nominated Adviser: Anthony Richardson/Nick Westlake   Corporate Broking: Charlie Farquhar	020 7260 1000
Redleaf Communications Emma Kane/Adam Leviton/Henry Columbine	020 7822 0200 [e-mail]

Notes to Editors:

• Carpathian was created in 2005 for the purpose of investing in Eastern European commercial real estate.

• Its primary focus is on shopping centres, supermarkets and retail warehousing in several target countries in Central and Eastern Europe including the Czech Republic, Hungary, Poland, Romania and the Baltics.

• Carpathian Asset Management Limited is the Property Investment Adviser to Carpathian. It is responsible for identifying acquisition targets, managing transactions, developments and portfolios within Central and Eastern Europe.

 

END

 

 

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