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EANS-News: Atrium European Real Estate Limited / First Half 2019 trading update: Continuing growth of urban portfolio in capital cities

=------------------------------------------------------------------------------- 
  Corporate news transmitted by euro adhoc with the aim of a Europe-wide 
  distribution. The issuer is responsible for the content of this announcement. 
=------------------------------------------------------------------------------- 
 
Earnings 
 
St Helier Jersey / Channel Islands - 
 
                         First Half 2019 trading update 
             Continuing growth of urban portfolio in capital cities 
 
Jersey, 31 July 2019, Atrium European Real Estate Limited (VSE/Euronext: ATRS), 
(the "Company" and together with its subsidiaries, the "Atrium Group" or the 
"Group"), a leading owner, operator and redeveloper of shopping centres and 
retail real estate in Central Europe, provides an update on trading for the six 
months ended 30 June 2019. 
 
KEY FINANCIAL FIGURES FOR THE PERIOD 
 
                                6M 2019             6M 2018               CHANGE 
                                   EURm                EURm 
Net rental income                  74.6                71.7                 4.0% 
excl. Russia 
EPRA Like-for-Like 
net rental income                  40.5                39.9                 1.5% 
excl. Russia 
Net rental income                  92.4                91.8                 0.6% 
EPRA Like-for-Like                 51.5                51.2                 0.5% 
net rental income 
EBITDA                             81.0                80.9                 0.2% 
Company adj. EPRA 
earnings per share                 15.4                15.6               (1.2%) 
(in EURcents) 
Cost of financing                   3.1                 3.4 
(in %) 
Average debt                        4.9                 4.2 
maturity (in years) 
Net LTV (in %)                     39.3                33.5 
 
 
Highlights 
 
* Continued progress in executing the Group's strategy to focus the portfolio 
  towards prime shopping centres in Warsaw and Prague: 
  - In July 2019 we completed the sale of two Polish shopping centres, Atrium 
  Koszalin, in Koszalin and Atrium Felicity, in Lublin, for EUR298m or around 3% 
  above book value, and signed an agreement to sell Atrium Duben in Zilina, 
  Slovakia at book value (EUR37m) 
  - Acquisition of Atrium's fifth Warsaw asset, King Cross shopping centre, for 
  EUR43m in June 2019. A well-connected and established centre with a diverse 
  tenant mix and future redevelopment opportunities 
  - Monetised 13% of our land bank in January 2019 with the completion of a 
  EUR28m land disposal in Gdansk, Poland at around book value 
* 1.5% improvement in EPRA like-for-like net rental income ("NRI") excluding 
  Russia, or 0.5% growth across the whole portfolio 
* LFL NRI in Russia decreased by 2.7%, mainly as a result of specific tenants 
  exiting the Russian market and subsequent re-tenanting initiatives 
* Higher quality cash flow generated from acquisitions and the opening of three 
  extensions in Warsaw in Q4 2018, offsetting the impact of disposals, including 
  the strategic exit from Hungary and Romania 
* Strong occupancy and operating margin of 95.2% and 95.8%, respectively 
* EBITDA and EBITDA margin stable at EUR81m and 88% 
* Company adjusted EPRA earnings per share was 15.4 EURcents, 1.2% lower than in 
  the comparable period, driven by an increase in financing costs due to a 
  higher debt level 
* EPRA NAV per share EUR5.05, a 0.4% increase on year end 2018 
* Net LTV was 39.3% as at 30 June 2019, which is expected to decrease to 
  approximately 34% following the disposal of Atrium Koszalin and Atrium 
  Felicity 
* EUR189m of cash and EUR300m of RCF available as at 29 July 2019 
 
 
Liad Barzilai, Chief Executive Officer of Atrium Group, commented: 
"The first half of 2019 has been yet another successful period where we have 
undertaken effective capital recycling and are seeing the true benefits of the 
refurbishments, particularly in our Warsaw assets. Our management focus remains 
on the continued implementation of our strategy and the delivery of positive 
operational results." 
 
Recommended cash acquisition by Gazit-Globe Ltd. ("Gazit") 
 
* The Independent Committee of the Board of Directors of the Company and the 
  Board of directors of Nb (2019) B.V. ("Bidco"), which is an indirect wholly- 
  owned subsidiary of Gazit, on 23 July 2019 announced that they have reached an 
  agreement on the terms and conditions of a recommended cash acquisition (the 
  "Acquisition") of the entire issued and to be issued ordinary share capital of 
  the Company that is not already owned directly or indirectly by Gazit or its 
  affiliates (including, in particular, Gazit Gaia Limited ("Gaia") or Gazit 
  Midas Limited ("Midas")). It is intended that the Acquisition will be 
  implemented by means of a court-sanctioned scheme of arrangement under Article 
  125 of the Jersey Companies Law. At the date of the Announcement, Gazit and 
  its affiliates Gaia and Midas together owned approximately 60.1% of the 
  Company's issued share capital. 
* In connection with the Acquisition, the Independent Committee of the Board of 
  Directors has agreed to stop dividend payments by the Company as Gazit's offer 
  assumes that no further regular dividends will be paid until the completion of 
  the transaction which is scheduled for 02 January 2020. 
* The announcement (and other reference materials) can be found on the Company's 
  website at https://www.aere.com/investors-lobby.aspx [https://www.aere.com/ 
  investors-lobby.aspx] and questions related to it can also be submitted in 
  writing to ol-renoir-ubs@ubs.com 
 
  Further information can be found on the Company's website www.aere.com or for 
  Analysts: 
  Molly Katz: mkatz@aere.com 
 
  Press & Shareholders: 
  FTI Consulting Inc.: +44 (0)20 3727 1000 
  Richard Sunderland/Claire Turvey: atrium@fticonsulting.com 
 
  About Atrium European Real Estate 
  Atrium is a leading owner, operator and redeveloper of shopping centres and 
  retail real estate in Central Europe. Atrium specializes in locally dominant 
  food, fashion and entertainment shopping centres in the best urban locations. 
  Atrium owns 32 properties with a total gross leasable area of over 870,000 sqm 
  and with a total market value of approximately EUR2.7 billion. These 
  properties are located in Poland, the Czech Republic, Slovakia and Russia, and 
  with the exception of one, are all managed by Atrium's internal team of retail 
  real estate professionals. 
 
 
  The Company is established as a closed-end investment company incorporated and 
  domiciled in Jersey and regulated by the Jersey Financial Services Commission 
  as a certified Jersey listed fund, and is listed on both the Vienna Stock 
  Exchange and the Euronext Amsterdam Stock Exchange. Appropriate professional 
  advice should be sought in the case of any uncertainty as to the scope of the 
  regulatory requirements that apply by reason of the above regulation and 
  listings. All investments are subject to risk. Past performance is no 
  guarantee of future returns. The value of investments may fluctuate. Results 
  achieved in the past are no guarantee of future results. 
 
 
 
 
 
 
Further inquiry note: 
For further information: 
FTI Consulting Inc.: 
+44 (0)20 3727 1000 
Richard Sunderland 
Claire Turvey 
Richard.sunderland@fticonsulting.com 
 
end of announcement                         euro adhoc 
=------------------------------------------------------------------------------- 
 
 
 
 

(END) Dow Jones Newswires

July 31, 2019 01:00 ET (05:00 GMT)

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