Atrium European Real Estate Limited
EANS-News: Atrium European Real Estate Limited
Atrium agrees ?298 million
disposal of Polish retail assets as portfolio repositioning continues
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Company Information
St Helier Jersey / Channel Islands -
Atrium agrees EUR298 million disposal of Polish retail assets as portfolio
repositioning continues
Jersey, 13 May 2019, Atrium European Real Estate Limited (VSE/ Euronext: ATRS)
("Atrium" or the "Company" and together with its subsidiaries, the "Group"), a
leading owner, operator and redeveloper of shopping centres and retail real
estate in Central Europe, has entered into an agreement to sell two Polish
shopping centres to ECE European Prime Shopping Centre Fund II, managed by the
independent fund managing company ECE Real Estate Partners, for EUR298 million,
representing around 3% premium to book value as at 31 March 2019. The
transaction is subject to the fulfilment of certain conditions precedent and is
expected to be completed in the third quarter of 2019.
The sale of the two Polish assets, Atrium Koszalin, located in Koszalin, and
Atrium Felicity in Lublin is part of the Company's ongoing strategy to
reposition its portfolio towards large, high quality dominant retail centres in
prime urban locations and capital cities. From 2015 to date, the Group has
acquired EUR0.5bn of prime assets and disposed of EUR0.7bn of assets in
secondary and tertiary location while transforming the composition of the
Company's portfolio from 153 properties in seven countries to 32¹ higher quality
assets in four countries.
This transaction follows the disposal at book value of a land plot in Gdansk
earlier this year for EUR28 million and the agreed purchase of the c. 7,000 sqm
Kings Cross Shopping Centre in Warsaw for EUR43.1 million, with completion of
the latter expected in the second quarter of the year.
Liad Barzilai, CEO of Atrium Group, commented:
"These disposals continue the implementation of our ongoing strategy to
consolidate our assets and to focus on higher quality assets in prime urban
locations, that can deliver a stronger and more sustainable income in the long
term. Warsaw and Prague are central to this strategy due to growing populations
and very low unemployment, which are structural drivers that will support the
growth performance of our assets.
"I am also very pleased that we were able to dispose of such a significant
portfolio at a premium to book value. The disposal proceeds will support us in
the continued optimisation of our balance sheet and further growth of our
portfolio towards dominant retail centres in prime cities in our core markets."
¹ Including the transactions described in this announcement
For further information:
FTI Consulting Inc.: +44 (0)20 3727 1000
Richard Sunderland/Claire Turvey: atrium@fticonsulting.com
[atrium@fticonsulting.com]
About Atrium European Real Estate
Atrium is a leading owner, operator and redeveloper of shopping centres and
retail real estate in Central Europe. Atrium specializes in locally dominant
food, fashion and entertainment shopping centres in the best urban locations.
Atrium owns 33 properties with a total gross leasable area of over 975,000 sqm
and with a total market value of approximately EUR2.9 billion. These properties
are located in Poland, the Czech Republic, Slovakia and Russia, and with the
exception of one, are all managed by Atrium's internal team of retail real
estate professionals.
The Company is established as a closed-end investment company incorporated and
domiciled in Jersey and regulated by the Jersey Financial Services Commission as
a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange
and the Euronext Amsterdam Stock Exchange. Appropriate professional advice
should be sought in the case of any uncertainty as to the scope of the
regulatory requirements that apply by reason of the above regulation and
listings. All investments are subject to risk. Past performance is no guarantee
of future returns. The value of investments may fluctuate. Results achieved in
the past are no guarantee of future results.
Further inquiry note:
For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland
Claire Turvey
Richard.sunderland@fticonsulting.com
end of announcement euro adhoc
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issuer: Atrium European Real Estate Limited
Seaton Place 11-15
UK-JE4 0QH St Helier Jersey / Channel Islands
phone: +44 (0)20 7831 3113
FAX:
mail: richard.sunderland@fticonsulting.com
WWW: http://www.aere.com
ISIN: JE00B3DCF752
indexes:
stockmarkets: Wien, Luxembourg Stock Exchange
language: English
Original content of: Atrium European Real Estate Limited, transmitted by news aktuell