Atrium European Real Estate Limited
EANS-News: Atrium European Real Estate Limited
ATRIUM CONTINUES ITS PORTFOLIO
REPOSITIONING STRATEGY THROUGH THE SALE OF 19 ASSETS FOR ?70 MILLION
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Company Information
St Helier Jersey / Channel Islands -
ATRIUM CONTINUES ITS PORTFOLIO REPOSITIONING STRATEGY THROUGH THE SALE OF 19
ASSETS FOR EUR70 MILLION
Jersey, 9 February 2018: Atrium European Real Estate Limited (VSE/Euronext:
ATRS), ("Atrium" or the "Company" and together with its subsidiaries, the
"Group"), a leading owner, operator and redeveloper of shopping centres and
retail real estate in Central and Eastern Europe announces the sale of 18 assets
in Hungary and one in the Czech Republic for a combined price of EUR70 million,
representing an 8% premium to the book value as at 30 September 2017. The
disposals form part of the Company's ongoing strategy to improve its portfolio
through the selective rotation of capital towards high quality, well-established
shopping centres which dominate their catchment areas.
The assets have been sold in a number of separate transactions including, the
completion of the sale of Atrium's stake in a shopping centre in Brno, Czech
Republic, completing the portfolio rotation in the Czech Republic. Atrium has
also sold 18 properties in Hungary, representing substantially all its Hungarian
portfolio and the Group intends to dispose of the remaining assets in the
country in due course.
Liad Barzilai, Group Chief Executive Officer, said: "These latest disposals mark
our exit from Hungary, with the exception of a few residual assets, and,
together with the sale in the Czech Republic, demonstrate our continued progress
in improving the quality of our portfolio. All of these transactions are in line
with our strategy of focussing our portfolio on large, high quality dominant
retail centres in major cities and urban locations in our core markets of Poland
and the Czech Republic, 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 [richard.sunderland@fticonsulting.com]
The Company is established as a closed-end investment company incorporated and
domiciled in Jersey and regulated by the Jersey Financial Services Commission as
a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange
and the 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
FAX:
mail: richard.sunderland@fticonsulting.com
WWW: http://www.aere.com
ISIN: JE00B3DCF752
indexes:
stockmarkets: Wien, Luxembourg Stock Exchange
language: English