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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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