DJ EANS-News: Atrium European Real Estate Limited / UPDATE ON TRADING IN ATRIUM'S GEOGRAPHIES
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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
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(END) Dow Jones Newswires
October 02, 2020 03:05 ET (07:05 GMT)
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