Atrium European Real Estate to invest in PRS in Warsaw and Prague

The strategy is underpinned by strong macroeconomic fundamentals and urbanisation trends in major cities in our core geographies, particularly in Warsaw where there is a lack of good quality modern apartments for rent to satisfy the rising levels of demand. In line with this, the company has entered into an agreement which gives it the option, subject to the relevant approvals, to acquire the controlling stake in a future residential building with c. 900 apartments in the heart of Warsaw. Over the next five years, it is envisaged that the Group will create a portfolio of c. 5,000 residential-for-rent units, focused on Warsaw and Prague.

Liad Barzilai, Chief Executive Officer of Atrium Group, commented: 'Today’s results once again reflect the ongoing tangible success of the asset rotation strategy we have been executing over the last few years, providing us with a portfolio of faster-growing dominant assets focused in Warsaw and Prague, which continue to benefit from urbanisation and a strong macro backdrop. As we move into a new decade and continue to respond to the structural trends that are driving consumer habits, including shopping and living, we will be executing our evolved strategy. This strategy will build on our expertise, leverage the quality of our existing portfolio and de-risk against potential volatility of our cash flow as we diversify into the residential for rent sector. This will see the shape of our portfolio evolve towards a platform of c. 5,000 high-quality residential units for rent, mainly in Warsaw, which will complement the leading retail destinations that we now own as a result of our successful repositioning strategy.”