Atrium European Real Estate Limited, the real estate investor specialized on shopping centers, said it reached a deal to sell Atrium Militari shopping centre in Bucharest, Romania to MAS Real Estate, for EUR 95 million.
The value of the transaction represents a 9 percent premium to book value on December 31 2017 and marks the exit of Atrium from the local company.
“This sale, together with our recent sales in Hungary, leaves us with an increased weighting towards Poland and the Czech Republic, where we have significant critical mass, and are better placed to benefit from leveraging efficiencies and economies of scale,” said Liad Barzilai, CEO of Atrium Group.
BR has learned that JLL, the real estate consultancy, worked for Atrium in this transaction.
Recently, the grop sold 19 properties, which represented substantially all of its assets in Hungary and completed its
portfolio repositioning in the Czech Republic. This deal allowed the company to increse its total standing investments by value to 81 percent in its Polish and Czech portfolios.