Business
Principle Acquires Stake in A
Principle Acquires Stake in A.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n RNS Number : 0165B Dawnay, Day Sirius 11 August 2008 \n \n\n\nDawnay, Day Sirius Limited\n\n\nPrinciple Capital Partners Limited agrees to acquire 48 per cent. of \nDawnay, Day Sirius Real Estate Asset Management Limited (to be renamed Principle Capital Sirius Real Estate Management Limited)\n\n\nFurther to the announcement of 14 July, the Board of Dawnay, Day Sirius Limited ('DDS') is pleased to announce that Principle Capital Partners Limited ('Principle Capital Partners'), a subsidiary of Principle Capital Holdings SA ('Principle Capital'), has agreed to purchase 48 per cent. of the issued share capital in Dawnay, Day Sirius Real Estate Asset Management Ltd ('DDSREAM'), the asset manager of DDS. \n\nDDSREAM was established as a joint venture between Dawnay Day Real Estate Asset Management Limited ('DDREAM') (48%), Kevin and Frank Oppenheim (48%) and management (4%). Completion of the acquisition by Principle Capital Partners, and the related acquisitions set out below, is conditional upon entities controlled by Kevin and Frank Oppenheim first acquiring shareholdings from DDREAM and other associated entities pursuant to separate agreements.\n\nFollowing completion of the DDSREAM acquisition and the Marba Holland BV acquisition described below, which is expected to take place in the next two weeks, Principle Capital will make available to DDS senior management and personnel of Principle Capital Partners as a subcontractor to DDSREAM under the terms of an asset management agreement dated 30 April 2007 between, amongst others, DDSREAM and DDS (the 'Asset Management Agreement'). \n\nPrinciple Capital has also agreed to purchase the following interests:\n\n\n\na 48 per cent. interest in Marba Holland BV, the vehicle which was established to receive performance fees that may become payable to Marba Holland BV in respect of DDS's property portfolio; \n\n\n\n\n\na 50 per cent. interest in Falsa Investments BV ('Falsa'), the vehicle which holds a 5.1 per cent. interest in certain properties that were ...