JLL advised Atrium European Real Estate Limited in the disposal process of two Polish shopping centres, namely Atrium Felicity and Atrium Koszalin to the ECE European Prime Shopping Centre Fund II, managed by the independent fund managing company ECE Real Estate Partners. The parties signed on 9th May 2019 an agreement concerning the sale of both assets for €298 million, representing around 3% premium to book value as at 31 March 2019. The transaction is subject to the fulfilment of certain conditions precedent and is expected to be completed in the third quarter of 2019.
Both centres are absolute market leaders in their catchment areas and strong performers. Atrium Felicity offers ca. 77,000 sqm of retail space (total GLA in Atrium ownership of 57,200 sqm excludes Auchan) located in Lublin, a major administrative centre in Lubelskie voivodship, and a growing academic and back office centre in southeastern Poland, with a population exceeding 340,000 inhabitants. The centre opened in March 2014.
Atrium Koszalin features 57,300 sqm of retail space and has been trading for over 10 years now. It serves a catchment area of circa 250,000 inhabitants, without comparable competition within 70km radius.
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