Atrium European Real Estate Limited has entered into an agreement to sell two Polish shopping centers to ECE European Prime Shopping Centre Fund II, managed by the independent fund managing company ECE Real Estate Partners, for €298 million, representing around 3% premium to book value as at March 31, 2019. The transaction is subject to the fulfilment of certain conditions precedent and is expected to be completed in the third quarter of 2019. The sale of the two Polish assets, Atrium Koszalin (photo), located in Koszalin, and Atrium Felicity in Lublin is part of the Company’s ongoing strategy to reposition its portfolio towards large, high quality dominant retail centers in prime urban locations and capital cities.
From 2015 to date, the Group has acquired €0.5bn of prime assets and disposed of €0.7bn of assets in secondary and tertiary location while transforming the composition of the Company’s portfolio from 153 properties in seven countries to 32 higher quality assets in four countries. This transaction follows the disposal at book value of a land plot in Gdansk earlier this year for €28 million and the agreed purchase of the c. 7,000 sq m Kings Cross Shopping Centre in Warsaw for €43.1 million, with completion of the latter expected in the second quarter of the year.
