Atrium on the prowl in Poland

Atrium European Real Estate is on the lookout for further acquisitions in Poland following the completion of its purchase of Promenada shopping centre in Warsaw earlier this year, CEO Rachel Lavine told PropertyEU during a press trip in the Polish capital last week.

Involving a takeover sum of EUR 170 mln, the Promenada deal was the biggest transaction in Poland in 2010 and was highly complex, Lavine added. ''The transaction took a year to complete but has established our reputation as a serious investor who is willing and able to cope with difficult situations.'

The company claims it can invest up to EUR 1 bn while maintaining a 'balanced' loan-to-value ratio, thanks partly to its direct access to cash reserves totalling EUR 200 mln. At present, Atrium's net LTV is 10.2%, which is one of the lowest figures in the industry, Lavine noted. 'In time, we aim to boost that figure to 40%,' she added.

Lavine declined to say whether any new deals were in the pipeline, but said she hoped to finalise a further transaction by the end of the year.

Amsterdam- and Vienna-listed Atrium reported last week that the value of its income-producing portfolio increased to EUR 1.9 bn at end-June 2011 following the acquisition of the Promenada shopping centre and a revaluation increase of EUR 69.1 mln.

Pre-tax profit over the first six months rose 8.9% to EUR 113.7 mln after net rental income grew 19.4% to EUR 78 mln. Like-for-like net rental income rose at a slower pace, but was still up sharply year-on-year at EUR 71.2 mln, an increase of almost 15%. In the full-year 2010, Atrium booked a pre-tax profit of EUR 125.8 mln.