Atrium Buys Shopping Centre in Warsaw
Atrium European Real Estate has acquired the Promenada Shopping Centre in Warsaw for €169.5 million; Atrium now owns 19 income-producing assets in Poland. The seller is Carpathian Plc, a London-listed commercial property investment firm. The transaction includes an additional €1.5 million payable on successful recovery of VAT by Atrium.
Promenada is a retail asset in Warsaw’s Praga Poludnie district; it is anchored by a 4,030-square-metre Alma supermarket and a 6,600-square-metre Cinema-City. The property, which has an occupancy rate of approximately 94 percent, has a gross lettable area of 53,840 square metres, comprising 41,778 square metres of retail space and 12,062 square metres of office space.
The property was completed in 1996. Carpathian acquired the asset in two parts in 2006 and 2009 for €144.5 million.