JLL advises AERE in the largest retail transaction recorded in Bucharest since the end of 2014
JLL has advised Atrium European Real Estate Ltd. (Atrium), a Vienna Stock Exchange and Euronext Amsterdam listed company (tickercode: ATRS), on the successful sale of Militari Shopping Centre in Bucharest, Romania, to MAS Real Estate, for 95 million euro
BUCHAREST, 6 July 2018 - JLL has advised Atrium European Real Estate Ltd. (Atrium), a Vienna Stock Exchange and Euronext Amsterdam listed company (tickercode: ATRS), on the successful sale of Militari Shopping Centre in Bucharest, Romania, to MAS Real Estate, for 95 million euro. The transaction, signed in April and closed this week, represents the most important retail transaction in Bucharest since the end of 2014.
Commenting on the sale, Silviana Petre Badea, Managing Director, JLL Romania says: "We are excited to have had the opportunity to work alongside our client, Atrium, and their transaction team as well as the team of Mas REI for the successful sale of Militari Shopping Centre. JLL continues to be the advisor to successfully represent institutional sellers of dominant retail assets in Romania"
The transaction represents a milestone for retail investment in Romania given the low availability of product as well as the lot size.
"This is an exciting transaction as it demonstrates increasing investor appetite in the Romanian retail market and it provides a new benchmark for shopping centre pricing" added Andrei Văcaru, Associate Director, Capital Markets at JLL Romania.
Militari Shopping Centre, with a gross leasable area of 54000 sqm, is a successful and dynamic shopping centre in the densely populated Militari neighborhood in Bucharest, just steps away from a strongly developing residential and office area. The center is home to a large variety of brands including the most sought after and successful international retailers present in Romania such as Auchan, H&M, Decathlon, C&A, New Yorker, Reserved and Praktiker
The Romanian retail market continues to evolve, with retail sales in the first five months of 2018 increasing by 7.5%, marking the seventh straight year of growth. With no new shopping centers planned in Bucharest, the performance of dominant projects such as Militari Shopping Centre has been impressive in recent years which, combined with a positive outlook, makes them very attractive for investors.