PL

CEE REGION Gazit offers to buy all Atrium shares

Investment & finance
Israeli real estate company Gazit Globe has announced an offer to buy the remaining 25 pct of the shares it does not own in its CEE subsidiary Atrium European Real Estate at EUR 3.35 per share.

Gazit Globe currently owns 75 pct of the share capital of Atrium, and if the bid is successful, it would make the latter a wholly-owned subsidiary of Gazit. The offered share price represents a premium of 14.3 pct on Atrium's last closing price.

Atrium is a publicly listed company focused on the ownership, development and management of mixed-use income-producing real estate with a focus on retail, office and residential properties. Its portfolio is mainly located in Warsaw and Prague. Over the last year and a half, Atrium entered the residential for rent property sector and recently reported that it has a pipeline of over 4,000 residential units in major cities in Poland in various phases of investment and development. This includes 2,000 apartments planned for development above or adjacent to existing Atrium assets, and an additional 2,000 apartments through prospective acquisitions of existing properties or properties currently being built.

The unification of the Group’s assets under a “single roof” will enable us to create a streamlined international brand and even further strengthen our ties with major international brands and tenants. Over 60 pct of Atrium's properties are located in densely populated city centres with attractive growth rates, and we believe that we will be able to further implement our strategy of “densifying” existing assets and generating additional development rights for mixed use. We intend to continue to execute Atrium’s asset recycling plan focused on improving the overall quality of the asset portfolio, building on the successful implementation of that plan that Atrium has achieved over the last few years, while also aiming to increase the pace of non-core asset sales, which will reduce leverage and help us to reach our leverage objectives.
Chaim Katzman, the founder and CEO of Gazit Globe

At the end June 2021, Atrium owned 26 properties (app. 809,000 sqm gla) with a total value of app. EUR 2.5 bln and an occupancy rate of 92.2 pct. Around 55 pct of its portfolio value is concentrated in Warsaw and Prague.

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