In the largest sale-and-lease-back deal in the Hungarian retail market, property investment company Dawnay Day Group has purchased 22 Interfruct cash-and-carry stores from the Hungarian developer SCD Group for EUR 82.5 mln. The transaction value represents a net initial yield of 7.8%. International property consultant Jones Lang LaSalle advised Dawnay Day Group.
In the largest sale-and-lease-back deal in the Hungarian retail market, property investment company Dawnay Day Group has purchased 22 Interfruct cash-and-carry stores from the Hungarian developer SCD Group for EUR 82.5 mln. The transaction value represents a net initial yield of 7.8%. International property consultant Jones Lang LaSalle advised Dawnay Day Group.
Five of the portfolio units are located in Budapest, with the remaining 17 spread across the major regional cities. The portfolio units have an average gross lettable area of 105,000 m2 and are located on plots of land covering some 345,000 m2, several of which leave space for further potential developments. Hungarian SCD will continue to operate the stores, through a 15-year leasing contract.
Founded in 1989, Interfruct is Hungary's largest cash-and-carry retailer with a turnover exceeding EUR 200 mln in 2005. Dawnay Day Group is a property investment company active in central and eastern Europe through its unit Dawnay Day Carpathian.
