by Property Forum | Investment

Atrium European Real Estate Limited has completed €341 million of transactions in Poland comprising the disposal of two assets and an acquisition.


Atrium has now completed the €298 million sale of two Polish shopping centres, Atrium Koszalin and Atrium Felicity, to a fund managed by ECE Real Estate Partners. The sale price represents c.3% premium to the 31 March 2019 book value.
 
Atrium has also recently completed the acquisition of the King Cross Praga shopping centre in Warsaw for €43 million. This well-established asset offers future redevelopment opportunities and will be the Company’s fifth asset in its Warsaw portfolio.
 
Liad Barzilai, CEO of Atrium Group, commented: “These transactions show further progress of our ongoing strategy to focus on quality assets in prime urban locations, and in particular capital cities, where we believe we can deliver stronger and more sustainable income in the long term. The disposal proceeds will contribute to the financial flexibility and liquidity of the Group, placing us in a position to take advantage of quality opportunities should they arise.”