Atrium European Real Estate Limited
EANS-Adhoc: Atrium European Real Estate Limited
ATRIUM COMPLETES SALE OF
PORTFOLIO OF 72 SMALLER RETAIL ASSETS IN THE CZECH REPUBLIC
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15.01.2015
ATRIUM COMPLETES SALE OF PORTFOLIO OF 72 SMALLER RETAIL ASSETS
IN THE CZECH REPUBLIC
Ad hoc announcement - Jersey, 15 January 2015: Atrium European Real Estate
Limited ("Atrium"or the "Company") (VSE/Euronext: ATRS), a leading owner,
operator and developer of shopping centres and retail real estate in Central and
Eastern Europe, announces that, further to its announcement on 9 December 2014,
it has completed the sale of a portfolio of 72 retail assets (the "Portfolio")
in the Czech Republic. The Portfolio is sold to a private client account managed
by Peakside Capital Advisors (the "Purchaser") for a consideration of CZK
1,925 million (c.EUR68.5 million*). The consideration comprises a cash payment
of CZK 1,670 million (c.EUR59.5 million*) with the balance satisfied through a
secured vendor loan to the Purchaser.
The Portfolio consists of 72 retail assets located throughout the Czech Republic
with a total lettable area of c.177,000 sqm and primarily comprises smaller
format retail properties with an average size of c.2,500 sqm. The divestment of
the assets forms part of the Company's on-going rebalancing of its portfolio,
focusing on Atrium's core markets and larger scale, well-established shopping
centres which dominate their catchment areas.
Following the acquisition of the prime shopping centre AFI Palác in Pardubice in
November last year, the Company's Czech portfolio now comprises 22 properties,
accounting for 15.9% of Atrium's total portfolio by value, compared to 93
properties or 16.4% of the portfolio as at 30 September 2014.
Commenting on the sale, Josip Kardun, CEO of Atrium Group, said:"Following the
two acquisitions we completed in November last year, the closing of the sale of
this portfolio marks a major milestone in our strategy of realigning our
portfolio towards well-established, dominant shopping centres and reweighting
our income stream away from a significant number of smaller assets towards
higher quality cash flow."
*Based on an exchange rate of EURO 1 to CZK 28.1
For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland
Claire Turvey / 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 30September
2014the Group owned 151 shopping centres and retail properties, with a market
value of EUR2.5billion, 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 incorporated and
domiciled in Jersey and regulated by the Jersey Financial Services Authority as
a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange
and the NYSE 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
Nick Taylor
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