WOOD Flash – Atrium: exits Hungary
Atrium has sold a portfolio of 19 assets for EUR 70m, at an 8% premium over 3Q17 BV. One asset was located in the Czech Republic and the remaining 18 in Hungary. The sale essentially marks Atrium’s exit from Hungary: the company now owns just four properties in the country, whose value is unlikely to exceed a couple of (single-digit) million EUR, on our estimates.This is in line with Atrium’s broader strategy of selling its smaller, non-core assets and focusing on the bigger ones, where it can generate like-for-like growth in rents. The assets have been booked at around a 10-12% yield, meaning that Atrium loses c.EUR 7m rental income annually with the disposal, on our estimates.
Atrium European Real Estate is engaged in the ownership, management and operation of commercial real estate in the retail sector. Co. primarily operates in Poland, the Czech Republic, Slovakia, Russia, Hungary and Romania. Co. has two reportable segments: the standing investment segment includes all commercial real estate held to generate rental income for Co.; and the development segment includes all development activities and activities related to land plots. As of Dec 31 2016, the portfolio of standing investments consisted of 59 properties in Poland, the Czech Republic, Slovakia, Russia, Hungary, and Romania.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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