Shopping centre specialist Atrium European Real Estate has announced plans to launch its first major mall development since the onset of the financial crisis. In a statement to announce its full-year 2010 results, the company said it will commence construction of Lublin Felicity offering 70,000 m[sup]2[/sup] of retail space in Poland.
Shopping centre specialist Atrium European Real Estate has announced plans to launch its first major mall development since the onset of the financial crisis. In a statement to announce its full-year 2010 results, the company said it will commence construction of Lublin Felicity offering 70,000 m2 of retail space in Poland.
Plans are also underway for redevelopments or extensions at a number of assets in the Czech Republic and Slovakia which are expected to deliver a total of 18,000 m2 with completion expected between 2012 and 2013, the company said.
Atrium swang to a pre-tax profit of EUR 126 mln in 2010, compared to a loss of EUR 487 mln in the same period a year earlier. Its operating margin increased to 88.8% at end-2010, from 81.5% in 2009 and 71.0% in 2008, mostly as a result of major operational efficiency and significant improvements in the management of its shopping centres. Net rental income grew by 10.9% to EUR 134.5 mln in 2010, from EUR 121.3 mln in 2009.
'We aim to make further acquisitions, such as those we recently announced at Promenada in Poland, in our key geographic markets, and will use our healthy cash balance to full advantage as we look for growth in this respect,' said Rachel Lavine, Chief Executive Officer of Atrium European Real Estate.'
In December last year Atrium signed a settlement deal with Multi terminating the relationship on all outstanding developments in Europe. As part of the agreement, Forum Trabzon in Turkey will be divested, and Atrium will become 100% owner of the Koszalin shopping centre in Poland, as well as of the land plots for Forum Sofia in Bulgaria, Balcova and Forum TEM, in Turkey.
