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EANS-News: Atrium European Real Estate Limited / UPDATE ON TRADING IN ATRIUM'S GEOGRAPHIES

DJ EANS-News: Atrium European Real Estate Limited / UPDATE ON TRADING IN ATRIUM'S GEOGRAPHIES

=------------------------------------------------------------------------------- 
  Corporate news transmitted by euro adhoc with the aim of a Europe-wide 
  distribution. The issuer is responsible for the content of this announcement. 
=------------------------------------------------------------------------------- 
 
No Keyword 
 
St Helier Jersey / Channel Islands - 
 
                   UPDATE ON TRADING IN ATRIUM'S GEOGRAPHIES 
 
Jersey, 2 October 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 provide 
shareholders with a further update on trading and the impact of the COVID-19 
pandemic within the Company's operational jurisdictions. 
 
Continued operational recovery 
 
98% of the stores within our centres are open as of today, the remaining stores 
are still restricted from trading (mainly stores in one of our shopping centres 
in Russia). 
 
Footfall and sales continue to improve and are gradually recovering to pre- 
COVID-19 levels as consumers gain confidence in the public health measures that 
have been taken. In August 2020, sales reached 93% of the prior year level and 
footfall was at 77%. 
 
The rent collection rate for the first six months of non-deferred invoices 
issued is at 91%, up from 76% as announced at the H1 2020 results. The 
collection rate for the first quarter is at 98% while the second quarter rate 
has increased to 82% compared to the 53% announced with the H1 2020 results. 
 
Czech and Slovakia latest government legislation in relation to Covid-19 
 
The Czech Republic and Slovakia have announced on 1 October special measures to 
contain the spread of the coronavirus. The intention is to allow the governments 
to quickly respond to the current situation and restrict the spread of the 
disease. For shopping centres, the new measures relate mainly to the safety and 
health of the customers and the tenants and most of them were already 
incorporated in our centres. We are implementing any further measures provided 
for under the new regulations to ensure a smooth continuation of operations in 
our centres. Of paramount importance remains the health and safety of our 
customers, tenants and staff across all our geographies. 
 
Cash conservation and stable financial position 
 
The cash conservation measures that the Company previously announced remain on 
track and over Q2 and Q3, 40% of the shareholders took up the optional Company 
Scrip Dividend, allowing the Company to retain over EUR20 million of cash. 
 
At present, it is still too early to assess the full impact that the COVID-19 
pandemic will have on Atrium's business and financial position but with a strong 
balance sheet, a net LTV of 36.1% and financial flexibility with EUR40 million 
of cash and a EUR234 million unutilised credit facility, 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/Andrew Davis: 
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 808,100 sqm and 
with a total market value of approximately EUR2.5 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. 
 
In January 2020 Atrium announced a strategy to diversify its portfolio by 
investing in and managing residential for rent real estate, with a primary focus 
on Warsaw. 
 
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/Andrew Davis: 
atrium@fticonsulting.com 
 
end of announcement                         euro adhoc 
=------------------------------------------------------------------------------- 
 
 
 
 

(END) Dow Jones Newswires

October 02, 2020 03:05 ET (07:05 GMT)

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