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Atrium to diversify into PRS

Alex Hayes 26 February 2020

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Atrium to diversify into PRS
Lian Barzilai, the CEO of Atrium Group
CEE REGION Shopping centre manager and investor Atrium has announced with its annual results that it is to enter the private rental sector market and intends to buy a residential building in Warsaw with around 900 apartments.

The company should eventually build up a portfolio of around 5,000 residential units for private rental mainly in Warsaw and Prague.

The group’s like-for-like net rental income increased by 2.4 pct (excluding Russia and assets held for sale), with growth of 2 pct in Poland and 3 pct in the Czech. Like for like net rental income rose across the group by 1.1 pct. EBITDA was stable at EUR 153 mln compared to EUR 156 mln at the end of 2018 and the EBITDA margin showed no change at 87 pct. A total of 85 pct of the portfolio, by value, is now in Poland and the Czech Republic, with 54 pct in Warsaw and Prague. An annual dividend will be paid in equal annual instalments of EUR 0.27 per share.

“Today’s results once again reflect the ongoing tangible success of the asset rotation strategy we have been following over the last few years, which has provided us with a portfolio of faster growing dominant assets mainly in Warsaw and Prague,” says Liad Barzilai, the CEO of Atrium Group.

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