Dawnay Day Carpathian, the AIM-listed property company focusing on investments in central and eastern Europe, is now known simply as Carpathian as shareholders ratified the name change at a recent extraordinary general meeting.
Dawnay Day Carpathian, the AIM-listed property company focusing on investments in central and eastern Europe, is now known simply as Carpathian as shareholders ratified the name change at a recent extraordinary general meeting.
The move is designed to distance Carpathian from Dawnay Day, the troubled property and financial services empire created by entrepreneurs Peter Klimt and Guy Nagger. Carpathian also recently replaced Dawnay Day as its management company with a newly created manager called Carpathian Asset Management.
Dawnay Day is one of the highest profile causalities in the UK of the credit crisis to date. Parts of the sprawling property empire have ended up in administrative receivership and up to 200 UK properties held by subsidiaries are being sold off. Carpathian, however, along with Germany-focused Dawnay Day funds Dawnay Day Treveria and Dawnay Day Sirius, are financially healthy and are moving to distance themselves from the Dawnay Day founders. Dawnay Day Treveria has made clear it is no longer owned by Dawnay Day affiliates while Principle Capital Partners has agreed to buy 48% of Dawnay Day Sirius Real Estate Management, the management firm that oversees Dawnay Day Sirius's properties.
