A majority of shareholders in CEE-focused commercial property group Atrium has voted in favour of a merger with parent group Gazit at an extraordinary general meeting held this week.
The approval effectively paves the way for the operation, which has been in the works for Gazit for the past two years.
It comes five months after Gazit - which has a 75% holding in Atrium - saw a bid of €3.35 per share rebuffed. The new offer launched in October reflects an 8.4% hike on the 2 August offer.
Atrium’s independent committee - comprising its board of directors – in October recommended the €3.63 cash bid for Atrium shares, subject to Atrium shareholder approval.
Atrium, initially a shopping centre specialist with a CEE focus, has spent the last two years building a multifamily residential platform, and recently said it would channel funds into residential over the next three to four years.
However, its honed shopping centre portfolio also comprises prime, retail destinations across major cities including Warsaw and Prague.
Jersey-registered Atrium European Real Estate currently owns 26 shopping centre in Poland, the Czech Republic, Slovakia and Russia with a total area of 808,000 m2.
