Dawnay, Day Carpathian has acquired a portfolio of 23 Interfruct properties in Hungary in a sale-and-lease-back deal for EUR 82.5 mln. The 23 cash and carry stores are located in Budapest and other major Hungarian cities and have a total gross lettable space of 105,000 m[sup]2[/sup]. The stores are let on new 15-year leases to Interfruct, Hungary's largest cash and carry retailer, at an average rent of EUR 5 per square metre per month.
Dawnay, Day Carpathian has acquired a portfolio of 23 Interfruct properties in Hungary in a sale-and-lease-back deal for EUR 82.5 mln. The 23 cash and carry stores are located in Budapest and other major Hungarian cities and have a total gross lettable space of 105,000 m2. The stores are let on new 15-year leases to Interfruct, Hungary's largest cash and carry retailer, at an average rent of EUR 5 per square metre per month.
The portfolio is being purchased in two phases, the company announced. The first phase comprises 17 properties, financed by EUR 49.5 mln in equity, and has already been completed. The additional properties will be transferred to the portfolio on or before 30 March 2007 once the vendor has fulfilled certain conditions, the company said.
The acquisition is the tenth transaction by London-based Dawnay, Day Carpathian since the company's IPO in July 2005. Dawnay, Day Carpathian focuses on property investment, fund management, financial services and principal investments. It has already made several acquisitions in Hungary, including the Antana Warehouse Park valued at EUR 21.0 mln, and the Plaza Portfolio of four shopping centres for an initial EUR 61.0 mln. The company has also invested in Poland, the Czech Republic, Romania, and
Lithuania.