Dawnay Day Carpathian (DCC) has completed the acquisition of four developments and three investment transactions for a total of EUR 172 mln since end-June 2007.
Dawnay Day Carpathian (DCC) has completed the acquisition of four developments and three investment transactions for a total of EUR 172 mln since end-June 2007.
The AIM-listed investor in retail property in Central and Eastern Europe said it is now substantially invested, having spent or committed about 95% of its funds to expand its presence in Czech Republic, Hungary, Poland, Romania and entering into Croatia for the first time.
The company said it is 'ideally' placed to be fully invested well ahead of the target investment timetable of 31 December 2008. The focus will be on completing those transactions to which funds have been committed and consolidating the portfolio.
The current portfolio is performing to expectations, and as targeted is made up of a strong mix of about 75% revenue generating investment properties and 25% development properties with considerable upside potential, DCC said.
While the debt markets have become more challenging, with more conservative lending criteria and pricing compared to the first half of 2007, DCC said the lending terms and conditions still compare favourably with the debt products available throughout Central Europe when the company began operating in June 2005. The overall cost and leverage of debt financing existing investment properties have not been materially affected, DCC said.
The company said it stood by its stated dividend target of 10p per share for 2007. Preliminary results for the 12 months to end-December 2007 will be announced on 28 April.
DDC listed on the Alternative Investment Market (AIM) in London in July 2005 and raised gross proceeds of £140 mln (EUR 206 mln).
