Credit Deal gives Atrium €150m Retail War Chest

Posted on 16 October, 2015 by Cliff Goodwin

Atrium European Real Estate, the central and eastern European shopping centre developer and operator, has signed a €125 (£93.5m) refinancing deal.


The five-year unsecured arrangement — made up of €100m (£75m) in new credit together with the extension of a current €25m (£19m) facility — will be provided by a syndicate of the global banks: ING Bank NV, Citibank NA and HSBC Bank.

In an “ad hoc” statement the Jersey-headquartered company confirmed the transaction will give Atrium €150m (£112m) of undrawn revolving credit facilities.

Commenting on the transaction, Atrium’s chief financial officer, Ryan Lee, said: “With this new revolving credit facility we have taken advantage of the continued current favourable credit market conditions to improve the company’s financial flexibility and extend the average maturity of our debt at improved costs.”

Atrium is dual-listed on the Vienna and Euronext Amsterdam Stock Exchanges. In a six-month statement, issued in June this year, the company confirmed it owned a total of 82 primarily food-anchored retail properties and shopping centres  across seven countries, with a total market value of €2.7bn (£1.9bn) .

The 13m sq ft of retail space it controls — predominantly in Poland, the Czech Republic, Slovakia and Russia — are, with one exception, all managed by Atrium’s internal team of retail real estate professionals and generate more than €103m (£76m)  of annual gross rent.

In addition, Atrium has a €0.3bn (£224m) portfolio of development and land offering long term future value potential.

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