Atrium Strengthens Polish Portfolio

Lifestyle & TravelPersonal Real Estate ♦ Published: May 9, 2011; 12:59 ♦ (Vindobona)

Atrium European Real Estate announces that it has completed the acquisition of the Promenada Shopping Centre (“Promenada”) in Warsaw, Poland for €171 m from Carpathian PLC.

Atrium Strengthens Polish Portfolio / Picture: ©

Promenada is Warsaw’s number four shopping centre and the € 171 m transaction value comprises a purchase price of € 169.5 m, as well as a further € 1.5 m payable upon receiving a VAT refund, which is expected within three months.

In addition to achieving an immediate cost saving through internalising the centre’s management, Atrium has already identified a number of…