July 6 (SeeNews) - Property developer Atrium European Real Estate has completed the sale of its Atrium Militari shopping centre in Romania's capital Bucharest to MAS Real Estate Inc. for 95 million euro ($111 million), Atrium said on Friday.
The divestment of the company’s only shopping centre in Romania is part of Atrium’s ongoing strategy of rebalancing its portfolio both geographically, towards Poland and the Czech Republic, and by asset class towards larger scale, well-established shopping centres in strong urban locations, the developer said in a press release.
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The announcement came shortly after the company said it had sold 19 properties, which represented substantially all of its assets in Hungary, and completed its portfolio repositioning in the Czech Republic with the sale of its stake in a shopping centre in Brno.
The agreed price represents a 9% premium to book value on December 31, 2017, the company added.
"This disposal sees Atrium cease its operational activities in Romania and further increase its portfolio weighting towards Poland and the Czech Republic, where we have significant critical mass and are better placed to benefit from leveraging efficiencies, sustainable growing cash flows and economies of scale," Atrium Group CEO, Liad Barzilai, said.
Atrium operates and develops shopping centres in Central and Eastern Europe. It owns a 2.1 billion euro portfolio of 155 primarily food-anchored retail properties and shopping centres.
The company is established as a closed-end investment company incorporated and domiciled in Jersey. It is listed on both the Vienna Stock Exchange and the Euronext Amsterdam Stock Exchange.
($=0.8558 euro)