Atrium European Real Estate Limited
EANS-Adhoc: Atrium European Real Estate Limited
ATRIUM SELLS A LAND PLOT IN
TURKEY FOR EUR47M CONSIDERATION
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24.04.2014
ATRIUM SELLS A LAND PLOT IN TURKEY FOR EUR47M CONSIDERATION
Ad hoc announcement - Jersey, 24 April 2014: Atrium European Real Estate Limited
("Atrium" or the "Group" ") (VSE/Euronext: ATRS), a leading owner, operator and
developer of retail real estate and shopping centres in Central and Eastern
Europe, announces the sale of its Turkish land plot situated on Istanbul's TEM
highway for a total consideration of EUR47.0m. The transaction represents a net
loss of EUR17.6m to value at 31 December 2013.
The sale is in line with Atrium's strategy of opportunistic sales of non-core
development properties, in order to both improve balance sheet efficiency and
monetise the Group's non-core landbank.
Commenting on the sale, Rachel Lavine, CEO of Atrium, said: "Today's
announcement marks further progress in our strategy of focusing the Group's
portfolio on the strongest and most stable economies in Central and Eastern
Europe and decreasing our landbank. It also improves the efficiency of Atrium's
balance sheet and helps us with our longer term aim of increasing the weighting
of our total portfolio towards income producing standing investments through
opportunistic divestment of our non-core landbank."
For further information:
FTI Consulting Inc.:
+44 (0)20 7831 3113
Richard Sunderland
Will Henderson
Nick Taylor
atrium@fticonsulting.com
About Atrium European Real Estate
Atrium is a leading real estate company focused on shopping centre investment,
management and development in Central and Eastern Europe. As at 31 December 2013
the Group owned 153 shopping centres and retail properties, with a market value
of EUR2.4 billion, diversified across seven countries with a total gross
lettable area of 1.3 million sqm. In 2013, Atrium produced a gross rental income
of EUR203.5 million.
The Company is based in Jersey and dual listed on the Vienna and Euronext
Amsterdam Stock Exchanges under the ticker ATRS.
This press release appears as a matter of record only and does not constitute an
offer to sell or a solicitation of an offer to purchase any security.
Atrium is established as a closed-end investment company domiciled in Jersey.
Atrium is registered with the Dutch Authority for the Financial Markets as a
collective investment scheme which may offer participations in The Netherlands
pursuant to article 2:66 of the Financial Supervision Act (Wet op het financieel
toezicht). 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:
FTI Consulting Inc
+44 (0)20 7831 3113
Richard Sunderland
Will Henderson
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
mail: richard.sunderland@fticonsulting.com
WWW: http://www.aere.com
sector: Real Estate
ISIN: JE00B3DCF752
indexes: Standard Market Continuous
stockmarkets: official market: Wien
language: English