AIM-listed property investment company Dawnay, Day Carpathian (DDC) said that it has spent or committed approximately 95% of its funds in its target areas in Central and Eastern Europe as its announced an 8% increase in its net asset value per share in 2007. The company also said its net rental and related income increased 91% to £ 24.3mln (EUR 30.9mln) in 2007 from £ 12.7mln in 2006.
AIM-listed property investment company Dawnay, Day Carpathian (DDC) said that it has spent or committed approximately 95% of its funds in its target areas in Central and Eastern Europe as its announced an 8% increase in its net asset value per share in 2007. The company also said its net rental and related income increased 91% to £ 24.3mln (EUR 30.9mln) in 2007 from £ 12.7mln in 2006.
Last year, the company completed eight acquisitions at a total cost of £ 429.6mln at a blended net initial yield of 7.8%. The properties comprise three retail property portfolios and five retail development sites in countries such as Poland, Czech Republic, Hungary, Croatia, and Romania. At end-2007, DDC’s portfolio was valued at £ 523.1mln compared to £ 368.7mln in 2006.
Rupert Cottrell, chairman of Dawnay, Day Carpathian, commented: 'We have now largely completed the acquisition phase of our business plan and as a result we have entered the next phase of working on consolidating the portfolio and progressing our development projects. While the current uncertain market conditions dictate a degree of caution, we believe our portfolio is sufficiently diversified to withstand this and that we are in a good position to improve the overall value of the portfolio thus delivering meaningful value to shareholders.'
