Atrium European Real Estate Limited (Atrium), announced on the 6th of July that it has completed the sale of Atrium Militari shopping center in Bucharest, Romania, to MAS Real Estate Inc. for 95 million EUR.
The divestment of Atrium’s only shopping center in Romania is part of the company’s ongoing strategy to re-balance its portfolio towards Central Europe’s strongest economies and to focus towards larger scale, well established shopping centers in strong urban locations which dominate their catchment areas.
Liad Barzilai, Chief Executive Officer of Atrium Group, commented:
“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.”
About Atrium Militari
Located near the M3 metro line and the A1 highway in Bucharest, Atrium Militari shopping center has a catchment of approximately 294,000 people within a 45-minute drive.
The project opened in 2009 and has a gross rentable area of 56,416 sqm, of which 53,66 sqm comprises of retail and 2,750 sqm of office space. Its tenant mix features a wide range of lifestyle and fashion brands, home, DIY and electronics stores, restaurants and services. Major tenants include H&M, Reserved, Deichmann, C&A, dm drogerie markt, Altex, Koton, JYSK, Adidas, Flormar, LC Waikiki, PEPCO, New Yorker, Takko and Praktiker.
Atrium is a leading owner and manager of shopping centers in Central and Eastern Europe. The company specializes in food-anchored shopping centers in strong locations across the region.
As of 31 December 2017, Atrium owned and managed 46 properties with a total gross leasable area of 1.1 million sqm and with a total market value of approximately 2.6 billion EUR.
About MAS Real Estate
MAS Real Estate Inc is a commercial property investor, developer and operator listed on the main board of the Johannesburg Stock Exchange and the Euro-MTF market of the Luxembourg Stock Exchange.
The company’s strategy is to generate sustainable and growing distributable earnings per share by acquiring, developing and operating retail, office, industrial, logistics and hotel assets in Western, Central and Eastern Europe.
Established in 2008, MAS has assembled a high quality portfolio in Germany, the United Kingdom, Bulgaria, Poland, Switzerland and Romania.