Dawnay Day Carpathian is on course to deliver its biggest annual dividend on the back of a significant rise in the value of its £338m portfolio
Carpathian has appointed DTZ to conduct a valuation of its assets for publication in its year-end accounts in April. Early indications are that DTZ’s findings will show an ‘attractive valuation uplift’, enabling the company to forecast a 10p dividend for the year to the end of December.
In other news, Carpathian also revealed that it had signed its 13th deal – the £20m partial forward-funding of a 53,820 sq ft (5,000 sq m) city centre shopping centre with a gross development value of £137m. On completion of the scheme - the location of which has not been disclosed - Carpathian will take majority ownership in joint venture with the developer.
The company also announced that its asset manager Dawnay Day Europe had changed its name to Dawnay Day Panterra.
Rupert Cottrell, chairman of Dawnay Day Carpathian said: ‘We are well on our way to developing a substantial, income producing, and geographically diverse portfolio of commercial property in Eastern and Central Europe. We believe there is significant potential to create additional income streams from our existing portfolio and together with the transactions in the immediate pipeline the company is well positioned to achieve its objectives.’
Since July 2005, DDC has completed 12 property transactions for a total value of £338m, committing in aggregate £92m of equity.