Dentons Advises on Atrium's First Residential Acquisition in Poland
Oct 18, 2021
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Dentons has advised the Atrium Group on its first two residential acquisitions in Poland. According to Atrium, the two transactions totaled around 650 residential units in Warsaw and Krakow for approximately EUR 53 million. The company intends to invest further into the properties "in order to achieve the highest sustainability standards and a BREEAM certification." Atrium is an owner, operator, and redeveloper of shopping centers and residential for rent apartments in Central Europe. It specializes in food, fashion, and entertainment shopping centers in prime urban locations and owns 26 properties with a total gross leasable area of over 809,000 square meters, with a total market value of approximately EUR 2.5 billion. These properties are located in Poland, the Czech Republic, Slovakia, and Russia, and with the exception of one, are all managed by Atrium’s internal team of retail real estate professionals. "These transactions mark a step forward in our strategy to diversify our portfolio into the residential for rent sector and leverage growth opportunities that will allow us to continue to deliver strong, long-term sustainable returns to our shareholders," commented Atrium Group CEO Liad Barzilai. "The assets, which will provide modern, purpose-built homes in high demand areas in Warsaw and Krakow, exemplify how we will seek to take advantage of strong macroeconomic fundamentals and urbanization trends in locations where there is currently a lack of good quality rental apartments. We currently have an identified pipeline of a further 4,000 units in Poland as we work towards meeting our ambitious targets and we look forward to building on these initial investments over the coming months." Dentons did not respond to our request for additional details.