Militari Shopping Center’s rental income drops 12.3 percent in first half

Property firm Atrium European Real Estate said Thursday its net rental income from the Militari Shopping Center in Bucharest fell 12.3 percent to EUR 3 million in the first six months, due to difficulties faced by do-it-yourself retailer Praktiker, one of its shopping outlet’s largest tenants, writes Mediafax.

The problems in that particular segment also effected the company’s revenues in Poland, according to the report published on Thursday.

Brute revenues for Military Shopping center dropped 19.3 percent, to EUR 3.1 million compared to EUR 3.8 million last year. The market value for the commercial center rose to EUR 68 million, according to the same report. The occupancy rate is at 100 percent, but the return-on-investment rate is stagnating at 9.1 percent.

Having a 51.400sqm area for rent, Militari Shopping was developed and is situated on the property of Land Development Project SRL, entity that belongs to the Atrium European Real Estate Limited group, one of the bigest developers and operators of shopping centers from the Central and East Europe. Atrium European Real Estate Limited was established in accordance with the Jersey law, Channel Islands, in the year 1997, being listed at the Vienna Stock Exchange (the ATR symbol).

Atrium European Real Estate Ltd is active in 11 states from Central and East Europe and the Community of Independent States. Since its founding, its portfolio has increased dynamically, so that at the end of 2008 it detained over 150 real estates with a market value of over 1.75 billions of Euros, having rent incomes of 134 millions of Euros.

Read more about

Offices: 41% of total take-up was recorded in Pipera area in Q1 2024 in Bucharest

read more

Back in February, Search Chemicals, a company controlled by Turkish business man Omer Susli, bought Praktiker operations in Romania.