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St Helier Jersey / Channel Islands -
UPDATE ON DEVELOPMENTS IN GOVERNMENT IMPOSED RESTRICTIONS
ON RETAIL TRADING IN ATRIUM'S GEOGRAPHIES AS A RESULT OF THE
COVID-19 VIRUS
Jersey, 2nd April 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, provides a further update to shareholders
on government announcements in response to the evolving COVID-19 situation
within the Company's operational jurisdictions.
Since the Company's announcement of 19 March 2020, the Polish government has
passed legislation which enforces relief on rents payable on retail units in
commercial buildings with a sales area of more than 2,000 sqm GLA. Those tenants
that require and request this rental relief will have to extend their existing
lease contract by a period corresponding to the length of time their unit is
closed for, plus a further six months. This new legislation applies only to
those stores which have been ordered to close as a result of the COVID-19
preventative measures as previously outlined, and applies from 14 March 2020
until such time as the Polish government deems it safe to lift the current
restrictions.
The situation in Russia has also evolved, withthe government decreeing that
effective 28 March 2020, retailers trading in shopping centres are restricted
except for essential services. The edict is currently scheduled to run until 5
April 2020 but,in light of the trends seen in other countries, the Company
anticipates that it might be prolonged.
The situation in the Czech Republic and Slovakia remains unchanged, with
governmental imposed trading restrictions remaining in place barring grocery
stores/supermarkets, pharmacies/drugstores and other necessity services.
We continue to monitor announcements by the authorities in all our areas of
operations. Maintaining the health and safety of our customers, tenants and
staff remains our overriding priority.
Atrium continues to believe that a joint approach with tenants to address the
challenges that COVID-19 presents is in the best interest of all stakeholders.
Given the unprecedented and changing nature of the current situation, the
Company is unable at this stage to quantify the duration and the extent that the
impact of these Governmental restrictions will have on its operations and Group
earnings.
Atrium has a strong balance sheet, a net LTV of 35% and access to adequate
credit facilities as highlighted in the announcement of 19 March 2020, and
remains of the view that it has sufficient resources to manage its liquidity
needs in light of governmental trading restrictions during the COVID-19 crisis.
Atrium will continue to 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
[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:
FTI Consulting Inc.: +44 (0)20 3727 1000
Richard Sunderland/Claire Turvey/Ellie Sweeney: atrium@fticonsulting.com
end of announcement euro adhoc
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(END) Dow Jones Newswires
April 02, 2020 00:45 ET (04:45 GMT)
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