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
EXECUTION OF SETTLEMENT AGREEMENT WITH MULTI INVESTMENT

--------------------------------------------------------------------------------
  correction to an 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.
--------------------------------------------------------------------------------
15.07.2011

Atrium European Real Estate Limited
("Atrium" the "Company" or the "Group")

EXECUTION OF SETTLEMENT AGREEMENT WITH MULTI INVESTMENT

Jersey, 15 July 2011. 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 that,
following its statement on 17 December 2010, it has executed the settlement
agreement (the "Agreement") with Multi Investment BV ("Multi") and that their
business relationship has now been terminated. 

The Agreement covers five projects in total:

* Sale of 100% of Atrium's shares in the company that owns Trabzon shopping
centre in Turkey to Multi.  

* Acquisition of the remaining 49.9% of the shares in the company that owns
Koszalin shopping centre in Poland from Multi. Koszalin is now 100% owned by
Atrium. The shopping centre in Koszalin has a gross lettable area of around
54,000 sqm, and is anchored by a 10,000 sqm Tesco.  

* Acquisition of the remaining shares in three companies which respectively own
a development project in Sofia, Bulgaria and in Balcova and Istanbul in Turkey.

As a result of the Agreement Atrium will receive net cash of approximately E64
million and generate a profit of approximately E15million which will be
recognised in Q3 2011.

Commenting on the transaction, Rachel Lavine CEO of Atrium European Real Estate
said:  "The finalisation of this mutually beneficial agreement is very positive
for Atrium as it allows us to strengthen our position in Poland, gain control of
the development projects and improve our cash position; thereby  providing us
with a stronger and more flexible platform for future growth."

For further information:
Financial Dynamics:                                   +44 (0)20 7831 3113
Richard Sunderland
Laurence Jones 
Will Henderson 
Richard.sunderland@fd.com

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.


About Atrium European Real Estate Limited
Atrium is a leading real estate company focused on shopping centre investment,
management and development in Central and Eastern Europe. As at 31 March 2011
the Group owned 153 shopping centres, with a market value of E1.51 billion,
diversified across eight countries with a total gross lettable area of 1.1
million sqm. As at 31 December 2010, the Company had a cash position of E374
million against borrowings of E425 million.
Gross rental income from investment properties for the year ended 31 December
2010 was E151 million and net rental income for the period was E134 million. For
Q1 2011 Atrium delivered a net rental income increase of 17.8%, or 15.9% on a
like-for-like basis, compared to Q1 2010, reflecting continued improvement in
rental levels and operating margins. The full year 2010 operating margin
improved to 89% compared to around 81% in 2009 and 71% in 2008.
Geographically, the Group's focus is principally concentrated in Poland, the
Czech Republic and Hungary with a presence in Russia, Romania, Slovakia, Latvia
and Turkey. In addition, the Company has a development portfolio with a market
value of E635 million as at 31 December 2010. 
The Company is based in Jersey and dual listed on the Vienna and Euronext
Amsterdam Stock Exchanges under the ticker ATRS.


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

end of announcement                               euro adhoc 
--------------------------------------------------------------------------------


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@fd.com
WWW:         http://www.aere.com
sector:      Real Estate
ISIN:        JE00B3DCF752
indexes:     Standard Market Continuous
stockmarkets: official market: Wien 
language:   English

Weitere Storys: Atrium European Real Estate Limited
Weitere Storys: Atrium European Real Estate Limited