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Atrium acquires EUR169.5mn Promenada Shopping Centre in Warsaw
20 Dec, 2010, Warsaw
Advised by the Polish office of global real estate consultant Cushman & Wakefield, Atrium European Real Estate, one of the leading real estate companies focused on shopping centre investment, management and development in Central and Eastern Europe, signed an agreement on 17 December for the acquisition of the Promenada Shopping Centre in Warsaw from Carpathian PLC, a London listed real estate company.
The property was purchased for a total EUR169.5 million. An additional EUR1.5 million will be paid to Carpathian upon the successful recovery of Value Added Tax. Atrium will finance the acquisition through a mixture of equity and debt.
Promenada, the number four shopping centre in Poland’s capital, is a prime supermarket anchored retail property based in the Praga Południe district. Added to Atrium’s Reduta and Targowek shopping centres, its acquisition increases Atrium’s exposure to the tier one Warsaw market and brings the Company’s total number of income producing assets in Poland to 19. Promenada has a total gross lettable area (“GLA”) of 53,840 sq.m, comprising 41,778 sq.m of retail across three floors below 12,062 sq.m of offices. The centre has an occupancy level of 93.99% by GLA. Promenada is anchored by a 4,030 sq.m Alma supermarket and a 6,600 sq.m Cinema-City. They are joined by a number of other strong international and Polish retail brands including Agent Provocateur, Bennetton, LaCoste, Electroworld, H&M, Zara, Go Sport, Empik, Kappahl, Esprit and Reserved. Originally opened in 1996, Promenada is located on Ostrobramska Street, it is the only major shopping centre in the north of the Vistula River in Warsaw.
Rachel Lavine, CEO of Atrium European Real Estate, said, “Today’s acquisition is an important one for Atrium. It follows a period where we have worked hard to stabilise Atrium and marks the start of the next phase in our strategy for the Company by building on the solid platform we have created in order to achieve growth. Promenada is a prominent, well-located asset situated in an affluent urban residential area in the capital city of Poland which houses strong tenants and provides good income. I am very excited by the acquisition and am looking forward to implementing a number of value enhancing asset management and development initiatives that we have already identified. I believe it will be an excellent complement to our Reduta and Targowek shopping centres in Warsaw and to our Polish portfolio as a whole.”
Richard Petersen, Managing Partner of Cushman & Wakefield in Warsaw, commented, “The acquisition of Promenada is a great success for Atrium and one of the most significant investment transactions on the Polish Retail market this year. It is very well established and one of the leading shopping centre assets in the capital. We are very pleased to have been able to represent Atrium in this major transaction.”
The transaction is subject to the fulfilment of certain conditions precedent which are expected to be finalised in Q1 2011.
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