Atrium European Real Estate Limited has completed the sale of the Atrium Militari shopping centre in Bucharest, Romania to MAS Real Estate Inc. for €95 million, which represents a 9% premium to book value on 31 December 2017.
The divestment of the company's only shopping centre in Romania follows Atriums exit of substantially all of its assets in Hungary. These transactions form part of Atrium's ongoing strategy of rebalancing its portfolio both geographically, towards Poland and the Czech Republic, Central Europe's strongest economies, and by asset class towards larger scale, well-established shopping centres in strong urban locations which dominate their catchment areas.
Liad Barzilai, Chief Executive Officer of Atrium Group, commented: "This disposal sees Atrium cease its operational activities in Romania and further increase its portfolio weighting towards Poland and the Czech Republic, where we have significant critical mass and are better placed to benefit from leveraging efficiencies, sustainable growing cash flows and economies of scale."
