Dawnay Day Carpathian (DDC), the fund management arm of the London-based Dawnay Day Group, is adding to its Central and Eastern European portfolio with a purchase of four properties from Austrian-based MID group for EUR 67.7 mln. Two of the properties are in the Czech Republic - a 22,000 m[sup]2[/sup] shopping centre in Hradec Kralove and a 7,700 m[sup]2[/sup] supermarket in Znojmo, and two in Hungary - a 10,000 m[sup]2[/sup] retail park in Ozd and a 9,000 m[sup]2[/sup] supermarket in Gyula. The let is largely to international brands on long-term leases with 87% of the income secured against leases with Interspar and Baumax. After purchase costs the portfolio will yield net initial returns of some 6.45%.

Dawnay Day Carpathian (DDC), the fund management arm of the London-based Dawnay Day Group, is adding to its Central and Eastern European portfolio with a purchase of four properties from Austrian-based MID group for EUR 67.7 mln. Two of the properties are in the Czech Republic - a 22,000 m2 shopping centre in Hradec Kralove and a 7,700 m2 supermarket in Znojmo, and two in Hungary - a 10,000 m2 retail park in Ozd and a 9,000 m2 supermarket in Gyula. The let is largely to international brands on long-term leases with 87% of the income secured against leases with Interspar and Baumax. After purchase costs the portfolio will yield net initial returns of some 6.45%.

In a statement, Rupert Cottrell, DDC chairman, said: 'This purchase will bring a secure, long-term income flow to our diverse portfolio. These properties leased to high-quality retailers compliment our portfolio’s more active asset management-led investments and the development activity we are undertaking.'

DDC was listed on AIM on 26 July 2005. The company raised around EUR 200 ml of equity with leverage providing an overall investment capacity of EUR 1 bn. The company was formed to invest in commercial real estate in Central and Eastern Europe with a primary focus on retail assets.