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Company Information
St Helier Jersey / Channel Islands -
UPDATE ON GOVERNMENT IMPOSED RESTRICTIONS TO TRADING IN ATRIUM'S GEOGRAPHIES AS
RESULT OF THE COVID-19 VIRUS
Jersey, 19 March 2020, Atrium European Real Estate Limited (VSE/ Euronext: ATRS)
("Atrium" or the "Company" and together with its subsidiaries, the "Atrium
Group"), a leading owner, operator and redeveloper of shopping centres and
retail real estate in Central Europe, makes the following statement to update
shareholders on recent government announcements in response to the COVID-19
virus within the Company's operational jurisdictions.
Over the last week, shopping centres within Poland, the Czech Republic and
Slovakia have faced government imposed trading restrictions. In all three
countries the restrictions exclude grocery stores/supermarkets, pharmacists/
drugstores and other necessity services. As of yesterday, Russia also announced
its first internal restrictions in some cities which include banning all outdoor
events and limiting indoor gatherings to 50 people. We are continuing to monitor
announcements by the authorities in all our areas of operation.
Since the onset of the crisis in February 2020, we have been working closely
with our tenants, staff and local health authorities in order to implement a
number of preventative measures to contain the virus and minimise its impact on
our consumers. The health and safety of our customers, tenants and staff,
remains our overriding priority.
At present, it is too early to ascertain the full impact these recent government
orders, or the COVID-19 pandemic itself, will have on either the Company's
business and financial position, or that of its tenants. Atrium is in discussion
with its tenants about a joint approach to addressing the challenges that COVID-
19 is presenting. At the same time, the Company is also actively prioritising
its capex programme to defer non-essential capital expenditure, and, in
parallel, reducing its operational expenses in response to these new measures.
With a strong balance sheet, a net LTV of 35% and access to credit facilities,
the Company believes it has sufficient resources to manage its liquidity needs.
Atrium is carefully monitoring the situation and will provide further updates as
needed.
For further information:
FTI Consulting Inc.: +44 (0)20 3727 1000
Richard Sunderland/Claire Turvey/Ellie Sweeney: 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 26 properties with a total gross leasable area of over 809,000 sqm
and with a total market value of approximately EUR2.6 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
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(END) Dow Jones Newswires
March 19, 2020 01:45 ET (05:45 GMT)
