DIRECT MARKET REPORT GERMAN RETAIL - Europe Real Estate
DIRECT MARKET REPORT GERMAN RETAIL - Europe Real Estate
DIRECT MARKET REPORT GERMAN RETAIL - Europe Real Estate
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Dawnay Day Treveria<br />
• Bloomberg ticker: DTR LN Eq.<br />
• Market cap: EUR 553m<br />
• Free float: 80% (estimated)<br />
Dawnay Day is active in its current form since early 1980s and specialised in<br />
commercial property and financial services. It launched Dawnay Day Treveria PLC<br />
and was listed on the AIM in December 2005 by raising EUR 444m with a<br />
subsequent placing in November 2006 of EUR 300m. Treveria is a tax-efficient<br />
property company incorporated in the Isle of Man. Total assets under<br />
management per July 2007 were EUR 2.1bn (EUR 1.7bn at 31 Dec. 2006) and<br />
their latest target is EUR 3.3bn. The breakdown by region is 83% in former West<br />
Germany, 9% in East Germany and 8% in Berlin. They focus primarily on high<br />
street retail with a solid tenant mix and yield arbitrage opportunities. Shopping<br />
centres and retail warehouses are also part of their portfolio and the average net<br />
yield is 6.2%. Major tenants are C&A, Metro Group, Kaufhof, <strong>Real</strong>, REWE, Sinn<br />
Leffers, H&M, Toom and Edeka Vacancy amounted to 4.67% per July 2007.<br />
Speculative development opportunities are kept outdoors and diversification is<br />
key, no single asset should exceed 10% of target portfolio.<br />
Exhibit 33 Portfolio overview Treveria<br />
Source: Dawnay Day Treveria<br />
German retail update - 28/11/2007 37
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