Atrium strengthens Czech portfolio with EUR 191mn acquisition.

By bne IntelliNews September 29, 2011
Austrian Atrium European Real Estate has expanded its portfolio in the Czech Republic after it bought Palac Flora shopping mall in Prague for EUR 191mn, the company said in a statement. Atrium bought the mall from AFI Europe and Avestus Capital Partners. Palac Flora, opened in 2003 has a retail area of 20,000 sq m. The acquisition was financed through a mixture of equity and debt and is in line with Atriums strategy to focus on investments in the Czech Republic, Slovakia and Poland. The purchase will increase the value of Atriums income-producing portfolio to EUR 2bn ranking the Czech Republic the companys second-biggest market by assets after Poland, accounting for 23% its portfolio. Atrium owns 98 properties in the Czech Republic.

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