The procedure was completed through Carpathian Asset Management Ltd, according to the firm. Following the new administration, Dawnay Day Carpathian re-brands as Carpathian and the contract between the PanTerra and Carpathian entities has ended. PanTerra staff will move to Carpathian Asset Management Ltd.
The group will invest EUR 900 million in building Atrium Center shopping malls across Romania in the coming years. The first three projects, which will require EUR 185 million, will be located in Cluj-Napoca, Arad and Baia Mare. They will be followed by five to seven other developments for which the firm is currently negotiating to buy plots.
Since the fund went into administration in July, Topland Group and Criterion Capital, two British private equity funds, plan to acquire properties owned by the fund. Dawnay Day assigned administrators from Ernst & Young to perform an emergency review of several of its businesses after failing to raise the funds needed to keep the company afloat. The firm says it has sold its entire participation owned together with several other investors, representing 26.4 percent, in F&C Asset Management.