Huge Buyout Sought in Shopping Malls in Poland, Czech Republic

Bloomberg: Atrium European Real Estate Ltd, the second-largest Austrian property developer by market value and well to do financially, has indicated interest in purchasing shopping malls in Poland or the Czech Republic in the next six months, before commercial real-estate prices rebound.

The Jersey-based company had 1.05 billion euros ($1.48 billion) in cash and cash equivalents at the end of March.

The interest is mostly in Poland and the Czech Republic because this is where commercial real-estate markets are growing, the company indicated.

Citigroup Inc. and Gazit-Globe Ltd., an Israeli developer, took control of Atrium, previously known as Meinl European Land Ltd., a year ago. Since then, Atrium has cut back its developments in central and eastern Europe and put on hold plans to sell malls because of the decline in property values.

Atrium opened on NYSE Euronext today at 3.85 euros per share. The shares traded at 3.94 euros as of 1:30 p.m. in Amsterdam. Atrium added 0.8 percent to 3.85 euros on the Vienna Stock Exchange.