Dawnay, Day Carpathian (DDC), the UK-based retail property investor focused on Central and Eastern Europe, has announced the acquisition of another multi-purpose development site in Romania. Valued at over EUR 9.5 mln, the acquisition is the last of the four Romanian deals DDC had in its pipeline at the time of its second fundraising round completed in May 2007, but the company says it is pursuing further opportunities. DDC will develop a retail and entertainment complex with an estimated GLA of 31,000 m[sup]2[/sup] on the 27,000 m[sup]2[/sup] site in the centre of Satu Mare, a large city in the northwest of Romania, close to the Hungarian border.
Dawnay, Day Carpathian (DDC), the UK-based retail property investor focused on Central and Eastern Europe, has announced the acquisition of another multi-purpose development site in Romania. Valued at over EUR 9.5 mln, the acquisition is the last of the four Romanian deals DDC had in its pipeline at the time of its second fundraising round completed in May 2007, but the company says it is pursuing further opportunities. DDC will develop a retail and entertainment complex with an estimated GLA of 31,000 m2 on the 27,000 m2 site in the centre of Satu Mare, a large city in the northwest of Romania, close to the Hungarian border.
DDC estimate the gross development value to be EUR 64 mln, to be financed from a combination of equity and debt, and expect to complete the project within two years. With an anticipated capitalisation yield of 7%, the estimated project value on completion will be EUR 84 mln. While the acquisition is DDC’s fourth investment in Romania, it is its nineteenth transaction overall. Its portfolio now also covers retail properties in Poland, Hungary, the Czech Republic and Lithuania.
