Atrium European Real Estate, which is seeking to focus on core markets of Poland and the Czech Republic, has sold it’s only shopping centre in Romania.
The owner of shopping centres and retail real estate in Central and Eastern Europe, is selling Atrium Militari shopping centre in Bucharest to MAS Real Estate for €95m.
The listed real estate group said the sale amount represents a 9% premium to book value on 31 December 2017.
The deal is expected to be completed by the end of the third quarter of the year.
Liad Barzilai, the chief executive officer of Atrium Group, said: “The disposal of Atrium Militari, our only Romanian asset, represents another important step in our strategy of reweighting our portfolio towards high-quality retail and leisure centres in strong urban locations at the heart of their local communities.
In February, Atrium sold 18 assets in Hungary and one in the Czech Republic for a combined price of €70m.
The sale represented substantially all of its assets in Hungary and completed its portfolio repositioning in the Czech Republic.
Atrium said today that it has recently signed an agreement to sell Atrium Saratov in Slovakia for €10.3m.
“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.”