Israeli investor Gazit Globe to take full control of Atrium European Real Estate

Israeli real estate developer Gazit Globe has agreed to buy the 40 percent it does not own of Atrium European Real Estate for €565 million ($632 million).

Chaim Katzman, Gazit’s founder and CEO, commented, “Atrium possesses a high-quality portfolio, most of which is located in the capital cities of Poland and the Czech Republic — Warsaw and Prague — together with a high-quality, experienced management team. Gazit acquired a material stake in Atrium 11 years ago and is thus very familiar with the company, its assets and their future potential. Direct ownership over assets such as those held by Atrium furthers our strategy to directly own irreplaceable assets in densely populated urban areas with future growth potential and mixed uses.”

The transaction is expected to close in January 2020.

In parallel, Gazit has entered into an agreement pursuant to which, upon closing, the company will sell to Menora Mivtachim up to approximately 12 percent of Atrium