Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
ATRIUM ACQUIRES ARKÁDY PANKRÁC SHOPPING CENTRE IN PRAGUE FOR EUR162 MILLION

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22.01.2015


ATRIUM ACQUIRES ARKÁDY PANKRÁC SHOPPING CENTRE IN PRAGUE FOR EUR162 MILLION

Ad hoc announcement - Jersey, 22 January 2015: Atrium European Real Estate
Limited ("Atrium"or the "Company") (VSE/Euronext: ATRS), announces that it has
made further progress with its strategy of becoming the dominant owner, operator
and developer of shopping centres and retail real estate in its core markets
within Central and Eastern Europe, having signed an agreement to acquire a 75%
interest in the Arkády Pankrác shopping centre (the "Centre") in Prague, the
Czech Republic for a consideration of c.EUR162 million. Atrium has agreed to
acquire the stake from Unibail-Rodamco S.E., which owns 75% of the Centre in a
joint venture with the Otto family, which will continue to own the remaining
25%. The acquisition, which will be financed using existing cash resources and
is subject to the fulfilment of certain conditions precedent, is expected to be
finalised in Q2 2015.
 
Arkády Pankrác opened in 2008 and is a prime modern shopping centre comprising
38,200 sqm of retail GLA, along with parking for c.1,100 cars. With footfall
increasing every year since opening and reaching over 11 million in 2013, the
Centre is well established as one of the principal shopping centres in Prague.
 
The Centre is 99.5% occupied and has a weighted average lease term of over
six years. It is occupied by c.120 retail tenants comprising a strong mix of mid
to upper segment retail brands which are primarily orientated towards fashion.
Key and anchor tenants include an Interspar Hypermarket, a Datart electronics
store, H&M, New Yorker, Humanic, Peek & Cloppenburg, as well as Inditex and LPP
Group fashion brands.
 
Arkády Pankrác is well located in Prague 4, which is a high density residential
area that is also evolving as a business location, with 250,000 sqm of office
space in the immediate vicinity of the Centre and a further c.50,000 sqm in the
pipeline. The Centre is located at the junction of two of Prague's main roads
and is c.10 minutes by car from the city centre, as well as being in close
proximity to the motorway network. Arkády Pankrác also offers excellent
connectivity to Prague's public transport network, benefitting from a direct
connection to the metro within the shopping centre, as well as two bus lines and
a tram line in the immediate area.
 
Arkády Pankrác's location and connectivity provide it with a large and affluent
catchment of c.1.8 million inhabitants within a 30 minute drive time radius, and
c.928,000 within a 15 minute drive times. Within the immediate catchment of
seven minutes' drive time there are c.254,000 inhabitants whose average annual
consumer spend per capita is c.30% higher than the Czech national average.
 
Following the acquisition,ECE will continue to manage the Centre, working
closely alongside Atrium's in-house team of retail experts.
 
Commenting on the acquisition, Josip Kardun, Atrium Group CEO, said:"This is the
third prime shopping centre acquisition we have announced in recent months, and,
once complete, it will mean we have added approximately EUR370 million, or
c.100,000 sqm, of high quality retail property to our income producing
portfolio. Furthermore, it allows us to put a significant proportion of the
proceeds of last year's EUR350 million unsecured bond placement to work quickly
and effectively, whilst increasing Atrium's exposure to its core markets.
 
"Combined with the recently announced disposal of 72 smaller retail properties
and acquisition of AFI Palác shopping centre in Pardubice, the addition of this
prime shopping centre will fundamentally improve the profile of our Czech
portfolio. I am also pleased to say that the acquisition marks the positive
culmination of a considerable amount of hard work by our team in recent months,
allowing Atrium to make further significant progress towards its goal of
establishing itself as the dominant shopping centre owner, operator and
developer in our core markets within the CEE."
 
For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland
Claire Turvey
Nick Taylor
atrium@fticonsulting.com
 
About Atrium European Real Estate
Atrium is a leading real estate company focused on shopping centre investment,
management and development in Central and Eastern Europe. As at 30September
2014the Group owned 151 shopping centres and retail properties, with a market
value of EUR2.5billion, diversified across seven countries with a total gross
lettable area of 1.3 million sqm. In 2013, Atrium produced a gross rental income
of EUR203.5 million. 
The Company is based in Jersey and dual listed on the Vienna and Euronext
Amsterdam Stock Exchanges under the ticker ATRS.
This press release appears as a matter of record only and does not constitute an
offer to sell or a solicitation of an offer to purchase any security.
Atrium is established as a closed-end investment company incorporated and
domiciled in Jersey and regulated by the Jersey Financial Services Authority as
a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange
and the NYSE Euronext Amsterdam Stock Exchange. Appropriate professional advice
should be sought in the case of any uncertainty as to the scope of the
regulatory requirements that apply by reason of the above regulation and
listings.  All investments are subject to risk. Past performance is no guarantee
of future returns. The value of investments may fluctuate. Results achieved in
the past are no guarantee of future results.


Further inquiry note:
For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland
Nick Taylor
Richard.sunderland@fticonsulting.com

end of announcement                               euro adhoc 
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issuer:      Atrium European Real Estate Limited
             Seaton Place 11-15
             UK-JE4 0QH  St Helier Jersey / Channel Islands 
phone:       +44 (0)20 7831 3113
mail:     richard.sunderland@fticonsulting.com
WWW:      http://www.aere.com
sector:      Real Estate
ISIN:        JE00B3DCF752
indexes:     Standard Market Continuous
stockmarkets: official market: Wien 
language:   English
 

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