Atrium European Real Estate & Immoeast (Immobiliare paesi dell'Europa dell'Est)

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Atrium strengthens polish portfolio with €169.5 million acquisition of the promenada

ATRIUM STRENGTHENS POLISH PORTFOLIO WITH €169.5 MILLION ACQUISITION OF THE
PROMENADA SHOPPING CENTRE IN WARSAW

Jersey, 20 December 2010. Atrium European Real Estate (VSE / Euronext: ATRS), one of the
leading real estate companies focused on shopping centre investment, management and
development in Central and Eastern Europe, announces the acquisition of the Promenada
Shopping Centre (“Promenada” or the “Centre”) in Warsaw, Poland for €169.5 million from
Carpathian PLC, a London listed commercial property investment company. An additional
€1.5 million will be paid to Carpathian upon the successful recovery of Value Added Tax. Atrium
will finance the acquisition through a mixture of equity and debt.
Promenada, the number four shopping centre in Poland’s capital, is a prime supermarket
anchored retail property based in the Praga Poludnie district. Added to Atrium’s Reduta and
Targowek shopping centres, its acquisition increases Atrium’s exposure to the tier one Warsaw
market and brings the Company’s total number of income producing assets in Poland to 19.
Atrium has already identified a number of value enhancing initiatives, including cost savings
associated with internalising the management of the Centre, increasing income by applying
market rents at lease expiries, as well as progressing the development potential of the asset.
Promenada has a total gross lettable area (“GLA”) of 53,840m², comprising 41,778m² of retail
across three floors below 12,062m² of offices. The centre has an occupancy level of 93.99% by
GLA.
Promenada is anchored by a 4,030m² Alma supermarket and a 6,600m² Cinema-City. They are
joined by a number of other strong international and Polish retail brands including Agent
Provocateur, Bennetton, LaCoste, Electroworld, H&M, Zara, Go Sport, Empik, Max Mara,
Versace and Liu Jo.
Originally opened in 1996, Promenada is located on Ostrobramska Street, the three lane main
thoroughfare linking Warsaw city centre to its wealthy eastern district, and is well served by public
transport. It is the only major shopping centre in the north of the Vistula River in Warsaw and is in
the middle of a densely populated residential area.
The transaction is subject to the fulfilment of certain conditions precedent which are expected to
be finalised in Q1 2011.
Commenting on the acquisition, Rachel Lavine, CEO of Atrium European Real Estate, said:
“Today’s acquisition is an important one for Atrium. It follows a period where we have worked
hard to stabilise Atrium and marks the start of the next phase in our strategy for the Company by
building on the solid platform we have created in order to achieve growth.
“Promenada is a prominent, well-located asset situated in an affluent urban residential area in the
capital city of Poland which houses strong tenants and provides good income. I am very excited
by the acquisition and am looking forward to implementing a number of value enhancing asset
management and development initiatives that we have already identified. I believe it will be an
excellent complement to our Reduta and Targowek shopping centres in Warsaw and to our
Polish portfolio as a whole.”

http://www.aere.com/Files/News/10_12_20_atrium_acquires_promenada_final.pdf

 

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Quotazioni al 29.12.2010:

ATRIUM EUROP.REAL EST.LTD, Last Price 4.30 €
IMMOFINANZ AG, Last Price 3.225 €

 

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ACQUISITION OF A 22,500M² LAND PLOT ADJACENT TO PROMENADA IN WARSAW
€33.3 MILLION SALE OF NON CORE ASSETS IN TURKEY AND RUSSIA
Jersey, 2 February 2011. Atrium European Real Estate Limited (“Atrium” or the "Company")
(VSE/ Euronext: ATRS), one of the leading real estate companies focused on shopping centre
investment, management and development in Central and Eastern Europe, announces further
progress in the implementation of its strategy to rationalise its pipeline of developments and
improve its portfolio with the €10.7 million acquisition of a 22,500 sqm land plot next to its recently
acquired Promenada Shopping Centre (“Promenada”) in Warsaw and the sale of a land plot in
Samsun, Turkey, and of 422 apartments in Ufa, Russia, for a total consideration of approximately
€33.3 million.

WARSAW - PROMENADA
Atrium has agreed to acquire the public ground lease (Perpetual Usufruct until 2089) of a land
plot adjacent to its Promenada shopping centre in Warsaw, Poland from Pirelli Pekao Real Estate
for €10.7 million (Polish złoty 41.5 million). Atrium had already planned to increase Promenada’s
retail offering by building on the current site and the acquisition of this 22,500m² plot provides
Atrium with the potential to further extend those plans in order to create additional value. The
transaction is subject to a number of conditions precedents, including the closing of the
acquisition of Promenada, as announced in December 2010, which is expected in Q2 2011.
Promenada has a total gross lettable area (“GLA”) of 53,840m², comprising 41,778m² of retail
over three floors with 12,062m² of offices. When Atrium announced the acquisition of
Promenada, it stated that it had already identified a number of value enhancing initiatives
including progressing the retail development potential of the asset. This transaction represents a
significant step forward in that strategy.
  

Atrium has signed an agreement to sell its wholly owned subsidiary company which owns a land
plot in the city of Samsun on the Black Sea Coast in Turkey, to Renaissance Development, one
of the main retail developers in Turkey for $25 million (€18.3 million). The transaction is expected
to complete in the second half of 2011.
The sale price approximates Atrium’s book value for the asset and was implemented as the
Samsun project no longer fits with Atrium's development strategy for Eastern Turkey.
UFA
Atrium has also completed the sale of 422 residential apartments (21,820m²) in Ufa, Russia, to
the municipality of Ufa for a total consideration of approximately €15.0 million (Rub 606.5 million).
The construction of the apartments was completed in 2009 as part of the Company’s 2005
agreement with the municipality of Ufa. In return for the construction of new residential
apartments for the citizens living on the plot at the time, Atrium was to obtain a lease agreement
to a land plot, on which it had planned to develop a shopping centre.
The sale, which is financially neutral to the Company, allows Atrium to divest this non-core and
non-income producing asset.


Commenting on the transactions, Rachel Lavine, Chief Executive Officer of Atrium, said:
“When we acquired Promenada in December last year we were clear that this was a great quality
asset which not only complemented our other Warsaw centres, Reduta and Targowek, but had
the potential for value enhancement through asset management and development. To have
acquired the land plot adjacent to Promenada so soon after agreeing to buy the centre itself is
real evidence of our ability to identify opportunities and then react quickly to realise them. I am
now looking forward to continuing this momentum as we enter the next stage of Atrium’s growth.
"In addition, the sale of the two assets in Russia and Turkey allows Atrium to divest itself of two
legacy assets which do not fit with Atrium's current investment and development strategy. Their
sale is neutral to the Company, it further rationalises Atrium’s pipeline and allows us to focus our
resources on those sites and developments that we believe have significant potential and better
complement our existing portfolio.”

http://www.aere.com/Files/News/11 0...uisition and sale of Samsun + Ufa - FINAL.pdf

 

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Quotazioni al 07.02.2011:

ATRIUM EUROP.REAL EST.LTD, Last Price 4.399 €
IMMOFINANZ AG, Last Price 3.230 €

 

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IMMOFINANZ AG: Issuance of New Convertible Bond due 2018 / Repurchase of outstanding Convertible Bonds due 2014 and due 2017

IMMOFINANZ Group: IMMOFINANZ AG: Issuance of New Convertible Bond due 2018 / Repurchase of outstanding Convertible Bonds due 2014 and due 2017

 

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Atrium risultati Q4

http://www.aere.com/Files/News/11 03 11 Atrium Q4 and FY2010 highlights Final.pdf

http://www.aere.com/Files/News/Atrium 2010 full year results presentation FINAL.pdf

 

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Quotazioni al 11.03.2011:

ATRIUM EUROP.REAL EST.LTD, Last Price 4.539 €
IMMOFINANZ AG, Last Price 2.964 €

 

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IMMOFINANZ AG: results for the first three quarters of 2010/11

Wednesday, 30.03.2011

• Revenues: EUR 558.6 million (2009/10: EUR 536.8 million)
• EBITDA: EUR 292.6 million (2009/10: EUR 306.1 million)
• EBIT: EUR 343.3 million (2009/10: EUR 246.7 million)
• EBT: EUR 251.4 million (2009/10: EUR 265.8 million)
• Net profit for the period: EUR 229.3 million (2009/10: EUR 221.1 million)
• Cash flow from net profit: EUR 303.2 million (2009/10: EUR 252.9 million)
• Book value per share: EUR 5.01 (2009/10: EUR 4.63)
• NAV per share (diluted): EUR 5.13 (2009/10: EUR 4.78)
• Earnings per share (diluted): EUR 0.23 (2009/10: EUR 0.20)

The IMMOFINANZ Group confirmed the successful turnaround and the upward trend of the first and second quarters with an increase in earnings during the third quarter of 2010/11. The continuous optimisation of the portfolio and costs as well as an increased focus on cash flow generation should support a further improvement in operating results during the coming quarters.

Income from asset management
Rental income amounted to EUR 423.1 million for the first three quarters of 2010/11, for a plus of 5.6% over the comparable prior year period (EUR 400.8 million). This growth was supported above all by the third quarter, which brought a substantial increase of 6.8% or EUR 9.3 million in rental income. In comparison with the second quarter of 2010/11, the increase amounted to 5.5% or EUR 7.6 million.

Rental income increased year-on-year in the retail (+24.0%), residential (+2.7%) and logistics (+8.6%) segments, but declined in the office segment (-9.4%). This decrease resulted from the sale of properties and the start of construction on the previously rented Gerling Quarter in Cologne.

Revenues rose by 4.1% from EUR 536.8 million to EUR 558.6 million for the first three quarters of 2010/11. The increase of EUR 38.9 million or 55.3% in real estate expenses reflected higher maintenance and renovation activities that are intended to improve the marketability of properties, above all in Austria. Income from asset management therefore fell slightly to EUR 333.5 million (2009/10: EUR 347.4 million).

Income from property sales
The sale of properties generated income of EU R 19.4 million in the first nine months of 2010/11 (prior year: EUR 35.4 million). These transactions focused primarily on residential properties in Austria.

Income from property development
The sale of inventories generated proceeds of EUR 56.0 million and income of EUR 10.6 million during the reporting period. Proceeds from the sale of apartments more than tripled over the prior year level (EUR 16.0 million). The proceeds from the sale of these inventories were recorded above all in Austria (EUR 45.4 million) and Poland (EUR 6.4 million).

Other operating income
Approximately one-half of the other operating income of EUR 36.7 million recorded in the third quarter is attributable to the waiver of a receivable by a financial institution. This receivable was related to a property that was taken over in connection with the agreements with Constantia Packaging B.V.

EBITDA, EBIT, EBT, net profit for the period and cash flow
Results of operations (EBITDA) clearly exceeded the comparable prior year level at EUR 111.2 million for the third quarter of 2010/11. However, EBITDA was still slightly lower in year-on-year comparison with a 4.4% decline from EU R 306.1 million to EU R 292.6 million. This decline resulted primarily from the increase in real estate expenses.

Positive valuation results of EUR 50.7 million (2009/10: EUR -59.4 million) led to a 39.2% improvement in EBIT, which rose from EUR 246.7 million to EUR 343.3 million. Financial results declined from EUR 19.1 million to EUR -91.9 million, solely due to non-cash accounting effects from foreign exchange fluctuations (EUR -48.4 million versus EUR 92.7 million in 2009/10) that were only offset in part by the positive valuation of financial instruments (EUR 30.0 million versus EUR -46.9 million in 2009/10). Earnings before tax (EBT) were therefore – still – below the previous year, with a decline from EUR 265.8 million to EUR 251.4 million. Net profit for the period rose from EUR 221.1 million to EUR 229.3 million due to a lower tax rate.

Gross cash flow rose by 19.9% from EUR 252.9 million to EUR 303.2 million. Cash flow from operating activities increased to EUR 333.1 million, which reflects an improvement of EUR 62.7 million or 23.2% in comparison with the first three quarters of 2009/10 (EUR 270.4 million). This development resulted chiefly from the reduction of receivables (EUR 181.3 million).

Operating cash flow, which comprises cash flow from operating activities and cash flow from investing activities, more than tripled to EUR 381.3 million for the first three quarters of the reporting year (2009/10: EU R 111.5 million). This development resulted above all from the proceeds on property sales, which significantly exceeded investment costs.

NAV per share and earnings per share
Diluted net asset value (NAV) per share rose from EUR 4.78 on 30 April 2010 to EUR 5.13 as of 31 January 2011. This increase is attributable to the sound earnings generated during the first three quarters of 2010/11 as well as the positive effects of the share buyback programme. Based on the share price as of 31 January 2011 (EUR 3.22), the IMMOFINANZ share traded at a discount of 37.2% to the NAV. Diluted earnings per share for the first three quarters of the reporting year amounted to EUR 0.23, which represents an increase of more than 15.0% over the comparable prior year period (2009/10: EUR 0.20).

Gross return and occupancy in the standing investments
The third quarter also brought a significant improvement in property indicators. The occupancy rate in the IMMOFINANZ properties amounted to 89.0% as of 31 October 2010, but rose to 89.7% by the end of January 2011. The gross return on the standing investment portfolio, which equaled 6.6% for the first half-year, increased to 6.9% in the third quarter.

IMMOFINANZ Group: IMMOFINANZ AG: results for the first three quarters of 2010/11 (1 May 2010 to 31 January 2011)

http://www.immofinanz.com/nc/en/inv...ial-reports/?cid=793&did=945&sechash=2dd15c94

 

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Aggiornamento .....

 

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Jersey, 15 April 2011. Atrium European Real Estate Limited (“Atrium”) (VSE/Euronext: ATRS), one of the leading real estate companies focused on shopping centre investment, management and development in Central and Eastern Europe, announces that further to its releases on 11 August 2010, 23 November 2010 and 30 December 2010, Atrium European Real Estate and various related parties and Meinl Bank AG and various related parties agreed on 14 April, 2011 to consolidate all of the legal proceedings between them that are pending in the various courts and arbitration forums, including London, Paris and Vienna, with the exception of the derivative lawsuit filed in November 2010 in Jersey, Channel Islands, into a single forum of arbitration under the Rules of Arbitration of the London Court of International Arbitration. All such legal proceedings will be discontinued in the various courts and arbitration forums in which they are currently being pursued in favour of the single arbitration.

Proceedings in the derivative lawsuit in Jersey have been temporarily frozen to give the defendants in the Jersey action time to consider whether they wish to consolidate that action into the arbitration proceeding as well or to continue to proceed in court in Jersey.

http://www.aere.com/Files/News/11 04 15 Atrium update on Meinl claim FINAL.pdf

http://www.aere.com/Files/News/AGM 2011 Circular.pdf

Wednesday, 27.04.2011
In its meeting today, the Supervisory Board of IMMOFINANZ AG re-appointed Eduard Zehetner and Daniel Riedl for a further three years after the end of their current contracts. The term of office for Eduard Zehetner, Chief Executive Officer, will now end on 30 November 2014, while the term of office for Daniel Riedl, member of the Executive Board, will end on 30 June 2014. The third member of the Executive Board is Manfred Wiltschnigg, who was appointed up to 31 March 2012.


IMMOFINANZ Group: IMMOFINANZ AG: Supervisory Board extends Executive Board contracts for Eduard Zehetner and Daniel Riedl