CEE shopping centre developer and investor Atrium European Real Estate said that it intends to propose a resolution to shareholders to authorise the buy-back of up to 50 million company shares. It added that the resolution will be voted on during an Extraordinary General Meeting (EGM) to be convened by the company. Atrium, formerly known as Meinl European Land, said the purchases, which will be made on the open market, are expected to enhance the value of the company's shares.
CEE shopping centre developer and investor Atrium European Real Estate said that it intends to propose a resolution to shareholders to authorise the buy-back of up to 50 million company shares. It added that the resolution will be voted on during an Extraordinary General Meeting (EGM) to be convened by the company. Atrium, formerly known as Meinl European Land, said the purchases, which will be made on the open market, are expected to enhance the value of the company's shares.
Atrium shares have lost almost 85% of their value in the year to date and on Wednesday opened at EUR 2.1 per share.
The move is just the latest in a series of share buy-back programmes announced by listed companies in an attempt to boost the value of their stocks which have taken a hammering due to falling confidence in the global financial industry. Vastned O/I, PSP Swiss Property, Hochtief and Dic Asset have also announced plans to buy back shares over the last month.
Additionally, Vienna-based Atrium announced the opening this week of two shopping centres in Poland. The opening on Tuesday of Galeria Kasztanowa in Pila, was followed on Wednesday by that of the 54,000 m2 Forum Koszalin shopping centre in Koszalin, in which Atrium holds a 50.1% interest. Both centres are over 98% let to a strong tenant base of international, national and local retailers.
