Euronext-listed retail specialist Atrium European Real Estate said on Friday that it has completed the acquisition of the Promenada shopping centre in Warsaw, Poland for EUR 171 mln from Carpathian. The purchase was first announced at end December 2010.

In addition to achieving an immediate cost saving through internalising the centre's management, Atrium said it has identified a number of short-term value enhancing initiatives at the centre. In order to take advantage from the development potential of the asset, Atrium has conditionally acquired an adjacent 22,500 m2 land plot from Pirelli Pekao Real Estate for EUR 10.7 mln, on which it intends to build an extension to the centre.

This transaction is in line with Atrium's strategy to grow via acquisitions and via the redevelopment of its existing assets. It also reflects its focus on the key markets of Poland, the Czech Republic and Slovakia.

Additionally, Atrium said it has also recently invested EUR 7.5 mln to acquire a 38,000 m2 land plot adjacent to its Copernicus shopping centre in Toru, Poland, to carry out an extension of the existing scheme. Additionally, a 3.6-hectare land plot in Kahramanmara, Turkey, was sold for EUR 16.5 mln, which is above Atrium's book value.

'These two acquisitions underline our strategy of both seeking high quality income producing assets, located in the major cities of our target geographies, and of continually looking at ways of utilising our asset management and development skills to add value to our existing assets,' said Rachel Lavine, CEO of Atrium European Real Estate. 'The sale of the land plot in Turkey, at above book value, is in line with our strategy of disposing of projects which no longer fit within our development criteria, in order to focus on those properties which will best complement our operating portfolio.'

Jones Lang LaSalle, Salans and BNWW advised Carpathian in relation to the transaction.