Atrium European Real Estate Limited
EANS-Adhoc: Atrium European Real Estate Limited
ATRIUM CONTINUES THE
REBALANCING OF ITS CZECH PORTFOLIO WITH THE EUR102.6 MILLION SALE OF 10
NON-STRATEGIC ASSETS
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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other
10.02.2016
ATRIUM CONTINUES THE REBALANCING OF ITS CZECH PORTFOLIO WITH THE EUR102.6
MILLION SALE OF 10 NON-STRATEGIC ASSETS
Ad hoc announcement - Jersey, 10 February 2016: 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 it has completed the sale of a portfolio of 10
retail assets (the "Portfolio") in the Czech Republic. The Portfolio has been
sold in a corporate transaction to a private client account managed by Palmer
Capital for an asset value equivalent to EUR102.6 million, which is c. 8% above
the 30th June 2015 book valuation.
The Portfolio consists of 10 retail assets located throughout the Czech
Republic, with a total lettable area of c. 86,200 sqm, and comprises smaller
format retail properties. The sale forms part of the Company's ongoing strategy
to improve its portfolio through selective rotation of the properties and
focusing on larger scale, well-established shopping centres which dominate their
catchment areas in Atrium's core markets.
Within the past 15 months, Atrium has concluded several transactions in the
Czech Republic, whereby it bought two large scale prime shopping centres and,
including the sale of the Portfolio, sold 87 smaller non-strategic assets.
Despite the large reduction in the number of Czech assets, Atrium's exposure to
the Czech Republic has increased to c. 18% of its total standing investment
portfolio market value (as at 30 September 2015 and excluding the disposed
Portfolio), compared to c. 16% at 30 September 2014 and prior to the
abovementioned transactions, reflecting both Atrium's commitment to the Czech
Republic and the substantial increase in the quality of its portfolio located
there.
Approximately 95% of Atrium's Czech Republic portfolio by value is now
attributable to three prime assets that have been acquired within the last four
years - Atrium Flora and the Company's 75% stake in Arkády Pankrác, both in
Prague, and Atrium Palác in Pardubice.
Commenting on the sale, Josip Kardun, CEO of Atrium Group, said: "The sale of
this portfolio marks an important milestone in Atrium's evolution and continues
the process of divesting our legacy non-strategic assets in the Czech Republic.
It also represents another significant step forward in our strategy of
reweighting our portfolio and income towards well-established, dominant shopping
centres, where we see greater opportunities to create value."
For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland / Claire Turvey / Ellie Sweeney
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 30 September
2015, the Atrium Group owned 82 shopping centres and retail properties, with a
market value of EUR2.7 billion, diversified across seven countries, with a total
gross lettable area of 1.2 million sqm. In the nine months ended 30 September
2015, the Atrium Group had gross rental income of EUR155.0 million. Atrium is
based in Jersey and is 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
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
mail: richard.sunderland@fticonsulting.com
WWW: http://www.aere.com
sector: Real Estate
ISIN: JE00B3DCF752
indexes: Standard Market Continuous
stockmarkets: official market: Wien, stock market: Luxembourg Stock Exchange
language: English