Thursday, November 09, 2006

Interfruct Enters EUR 82.5 Million Sale Leaseback of 23 Cash & Carry Stores in Hungary

Hemscott - November 7, 2006

Dawnay Day Carpathian PLC has acquired a portfolio of 23 Interfruct properties in a sale leaseback deal from SCD International Ltd, for a purchase price of Euro82.5m representing an initial yield of 7.80%, net of acquisition costs.

The 23 cash and carry stores are located in Budapest and major regional cities throughout Hungary, and have a total gross lettable space of 105,000 metre sq. The stores are let on new 15 year leases to Interfruct kft, Hungary's largest cash and carry retailer, at an average rent of Euro5.00 per metre sq per month. The properties are situated on land plots totalling 345,000 metre sq, several of which offer development potential in the longer term.

The portfolio is being purchased in 2 phases, with the first phase of the purchase comprising 17 properties, financed by equity of Euro49.5m, having already completed. The additional properties will be transferred to the portfolio on or before 30 March 2007 once the vendor has fulfilled a number of conditions. Sphere: Related Content

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