The income-producing real estate company AtriumOwned by the G City Group (formerly Gazit Globe) Reported today on the sale of the “Optima” mall, located in the city of Kosice in Slovakia, for about NIS 422 million (about 118 million euros). The consideration in the transaction is equal to the value of the property in the company’s books as of the end of March 2022, when no change in the value of the property was recorded along the Corona plague.
According to management G. City This sale demonstrates the strength of the commercial market in Central Europe, especially in high-quality supermarket-anchored assets, as well as the determination of the Group in general, and of Atrium in particular, to continue its program of selling non-core assets. The group plans to sell additional assets in the amount of 500-700 million euros (approximately NIS 1.8-2.5 billion) over the next two years.
Ryan Lee, Atrium’s CEO who recently took office, noted that “this deal reflects our focus on selling non-core properties while strengthening our core properties and increasing our rental housing portfolio in major cities in Poland and the Czech Republic.
“We sold the property at full price and it is the same as the pre-Corona plague property price. Since 2019 Atrium has sold 15 non-core properties for about 547 million euros, all worth or in the company’s books, as part of the strategy we outlined for non-core properties.”
Haim KatzmanFounder and CEO of G-City, added that with the sale of the Optima mall in Kosice, the group has completed the sale of all its assets in Slovakia.
The proceeds will be used to reduce the group’s leverage and continue our development momentum, especially in residential housing for densely populated urban areas. “This transaction is another step on the way to improving our asset portfolio in Europe and concentrating it in a number of major cities such as Warsaw and Prague, and alongside lowering leverage in the group,” Katzman added.