Atrium completes EUR151.7m acquisition of Galeria Dominikańska in Wroclaw, Poland
Atrium European Real Estate has completed the acquisition of the 32,900 square metre Galeria Dominikańska shopping centre in Wroclaw, Poland, for a consideration of EUR151.7m.
Atrium acquired Galeria Dominikańska from a joint venture comprising the Otto Family and Deutsche EuroShop. ECE will continue to manage the shopping centre, working closely alongside Atrium’s in-house team of retail experts.
As a result of the acquisition, Atrium’s portfolio of shopping centres in Poland now accounts for 50.4 per cent of the group’s total income producing portfolio by market value, up from 47.0 per cent previously. In addition, Atrium’s exposure to markets in the region with an investment grade rating of A- and above now stands at 75.1 per cent, up from 73.4 per cent as at 30 June 2013.
Rachel Lavine, chief executive of Atrium, says: “Galeria Dominikańska is a very good example of the type of assets we want to purchase and the completion of this acquisition strengthens our portfolio through the addition of a prime, fully let shopping centre which is well located within a tier one city in our region.”