Alle Storys
Folgen
Keine Story von Atrium European Real Estate Limited mehr verpassen.

Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
ATRIUM STRENGTHENS POLISH PORTFOLIO WITH EUR169.5 MILLION ACQUISITION OF THE PROMENADA SHOPPING CENTRE IN WARSAW

  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.
20.12.2010
Atrium European Real Estate Limited
                           ("Atrium" or the "Company")
ATRIUM STRENGTHENS POLISH PORTFOLIO WITH EUR169.5 MILLION ACQUISITION
OF THE                        PROMENADA SHOPPING CENTRE IN WARSAW
Jersey, 20 December 2010.  Atrium European Real Estate (VSE /  
Euronext:  ATRS), one of the leading real estate companies focused on
shopping centre  investment, management  and  development  in  
Central  and  Eastern  Europe,  announces  the acquisition of the 
Promenada Shopping Centre ("Promenada" or  the  "Centre")  in Warsaw,
Poland  for  EUR169.5 million  from  Carpathian PLC,  a   London 
listed commercial property investment company.   An  additional  
EUR1.5 million will  be paid to Carpathian upon the successful 
recovery of Value Added Tax. Atrium  will finance the acquisition 
through a mixture of equity and debt.
Promenada, the number four shopping centre  in  Poland´s  capital,  
is  a  prime supermarket anchored retail  poperty  based  in  the  
Praga  Poludnie  district. Added  to  Atrium´s  Reduta  and  Targowek
shopping  centres,  its  acquisition increases Atrium´s exposure to  
the  tier  one  Warsaw  market  and  brings  the Company´s total 
number of income producing assets in Poland to 19.
Atrium  has  already  identified  a  number  of  value  enhancing   
initiatives, including cost savings associated  with  internalising  
the  management  of  the Centre, increasing income by applying market
rents at lease  expiries,  as  well as progressing the development 
potential of the asset.
Promenada has a total  gross  lettable  area  ("GLA")  of  53,840m², 
comprising 41,778m² of retail across three floors below 12,062m² of  
offices.   The  centre has an occupancy level of 93.99% by GLA.
Promenada is anchored by a 4,030m² Alma supermarket and a  6,600m²  
Cinema-City. They are joined by a number of other  strong  
international  and  Polish  retail brands including  Agent  
Provocateur,  Bennetton,  LaCoste,  Electroworld,  H&M, Zara, Go 
Sport, Empik, Max Mara, Versace and Liu Jo.
Originally opened in 1996, Promenada is  located  on  Ostrobramska  
Street,  the three lane main thoroughfare linking Warsaw city centre 
to its  wealthy  eastern district, and is well  served  by  public  
transport.   It  is  the  only  major shopping centre in the north of
the Vistula  River  in  Warsaw  and  is  in  the middle of a densely 
populated residential area.
The transaction is subject to the fulfilment  of  certain  conditions
precedent which are expected to be finalised in Q1 2011.
Commenting on the acquisition,  Rachel  Lavine,  CEO  of  Atrium  
European  Real Estate, said: "Today´s acquisition is an important one
for Atrium.  It follows a period  where we have worked hard to 
stabilise Atrium and marks the start of the  next  phase in our 
strategy for the Company by  building  on  the  solid platform  we  
have created in order to achieve growth.
"Promenada is a prominent, well-located asset  situated  in  an  
affluent  urban residential area in the capital city of Poland which 
houses strong  tenants  and provides good income. I am very  excited 
by  the  acquisition  and  am  looking forward to implementing  a  
number  of  value  enhancing  asset  management  and development 
initiatives that we have already identified. I believe  it  will  be 
an excellent complement to our Reduta and Targowek shopping  centres 
in  Warsaw and to our Polish portfolio as a whole."
More information about Atrium European Real Estate  Ltd  can  be  
found  on  the Atrium page of the Vienna Börse website at 
http://en.wienerborse.at/ and on  the Company´s page of the Euronext 
Amsterdam website,  www.euronext.com  or  on  the Company´s website 
at www.aere.com.
For further information:
Financial Dynamics:                                       +44 (0)20 
7831 3113 Richard Sunderland Laurence Jones Will Henderson  
Richard.sunderland@fd.com
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. The Dutch 
and Austrian paying agent of Atrium is Kempen & Co. N.V., 
Beethovenstraat 300, 1077 WZ Amsterdam, the Netherlands.
end of announcement                               euro adhoc

Further inquiry note:

Financial Dynamics, London
Richard Sunderland / Laurence Jones
Phone: +44 (0)20 7831 3113
mailto:richard.sunderland@fd.com

Branche: Real Estate
ISIN: JE00B3DCF752
WKN:
Index: Standard Market Continuous
Börsen: Wien / official market

Weitere Storys: Atrium European Real Estate Limited
Weitere Storys: Atrium European Real Estate Limited
  • 29.11.2010 – 08:34

    EANS-News: Atrium European Real Estate Limited / Credit Rating Upgrade

    Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. Company Information St Helier Jersey / Channel Islands (euro adhoc) - Credit Rating Upgrade Jersey, 29 November 2010. Atrium European Real Estate Limited ("Atrium" or the "Company") (VSE/Euronext: ATRS), one of the leading real estate ...

  • 24.11.2010 – 08:12

    EANS-News: Atrium European Real Estate Limited / ATRIUM COMPLETES POLISH SHOPPING CENTRE

    Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. Company Information St Helier Jersey / Channel Islands (euro adhoc) - ATRIUM COMPLETES POLISH SHOPPING CENTRE - Galeria Mosty 85% let on opening - Jersey, 24 November 2010. Atrium European Real Estate Limited ("Atrium" or the ...