Atrium European Real Estate Limited
EANS-Adhoc: Atrium European Real Estate Limited
ATRIUM EXITS ROMANIA WITH ?95
MILLION AGREEMENT TO SELL ATRIUM MILITARI
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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is responsible for the content of this announcement.
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27.04.2018
St Helier Jersey / Channel Islands -
Atrium European Real Estate Limited
ATRIUM EXITS ROMANIA WITH EUR95 MILLION AGREEMENT TO SELL ATRIUM MILITARI
Sale represents a premium of 9% to year end book value
Ad hoc announcement - Jersey, 27 April 2018. 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 and Eastern Europe, announces
that it has entered into an agreement to sell Atrium Militari shopping centre in
Bucharest, Romania to MAS Real Estate Inc., for EUR95 million representing a 9%
premium to book value on 31 December 2017. The transaction is subject to the
fulfilment of certain conditions precedent, which are expected to be finalised
by the end of the third quarter of 2018.
The divestment of the Company's only shopping centre in Romania forms part of
Atrium's ongoing strategy of rebalancing its portfolio both geographically,
towards Poland and the Czech Republic, Central Europe's strongest economies, and
by asset class towards larger scale, well-established shopping centres in strong
urban locations which dominate their catchment areas.
The sale follows shortly after the Company's recent announcement that it had
sold 19 properties, which represented substantially all of its assets in Hungary
and completed its portfolio repositioning in the Czech Republic with the sale of
its stake in a shopping centre in Brno, Czech Republic. Earlier this month,
Atrium also signed an agreement for the disposal of Atrium Saratov in Slovakia
for EUR10.3 million, 9% above book value, which it expects to complete shortly.
As a result of these sales, Atrium's Polish and Czech portfolios will increase
to 81% of its total standing investments by value.
Liad Barzilai, Chief Executive Officer of Atrium Group, commented: "The disposal
of Atrium Militari, our only Romanian asset, represents another important step
in our strategy of reweighting our portfolio towards high quality retail and
leisure centres in strong urban locations at the heart of their local
communities. This sale, together with our recent sales in Hungary, leaves us
with an increased weighting towards Poland and the Czech Republic, where we have
significant critical mass, and are better placed to benefit from leveraging
efficiencies and economies of scale".
For further information:
FTI Consulting Inc.: +44 (0)20 3727 1000
Richard Sunderland, Claire Turvey, Ellie Sweeney
atrium@fticonsulting.com
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
Ellie Sweeney
atrium@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 von: Atrium European Real Estate Limited, übermittelt durch news aktuell