Dawnay Day Carpathian, the AIM-listed Central and Eastern European developer, has bought four retail properties in Hungary and the Czech Republic for £46.7m (€67.7m).
The developer bought the four properties from Austrian company MID Group. The portfolio comprises two properties in the Czech Republic – a 237,000 sq ft shopping centre in Hradec Kralove and a 83,000 sq ft supermarket in Znojmo – and two properties in Hungary, an 108,000 sq ft retail park in Ozd and a 97,000 sq ft supermarket in Gyula.
The majority of the portfolio is let to international retailers, including leases with Interspar and Baumax. The portfolio will produce net initial returns of around 6.45%. The purchase was closed and part financed with a 3-year loan from Hypo Real Estate International.