Atrium annuncia il merger con Gazit Globe

The Independent Committee of the Board of Directors of Atrium European Real Estate Limited and the board of directors of Gazit Hercules 2020 Limited which is an indirect wholly-owned subsidiary of Gazit-Globe Ltd are pleased to announce that they have signed a definitive merger agreement for a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Atrium that is not already owned directly or indirectly by Gazit or its affiliates for cash at a price of €3.63 per Atrium share including a payment in the amount of €3.03 per share in cash paid by Gazit and €0.60 per share by way of a cash dividend paid by the Company.

The Offer Price reflects an increase of €0.28 per share or 8.4% compared to the initial proposal of Gazit of €3.35 per share submitted on 2 August 2021 (the “Initial Proposal”) as well as the inclusion of additional dividends payable up to closing, reflective of AFFO. The Offer Price also implies a 23.9% premium to the unaffected share price as of 30 July 2021 (€2.93 per share), a 22.3% premium to the 30-day volume weighted average price (VWAP) to 30 July 2021 (€2.97 per share) and a 23.9% premium to the 90-day VWAP to 30 July 2021 (€2.93 per share), being the last trading day prior to announcement of the Initial Proposal.

 «Atrium has a high-quality portfolio of properties, predominantly in Poland and the Czech Republic, with the majority of its portfolio value located in the capital cities of Warsaw and Prague and will further advance Gazit’s strategy to become a dominant player in high-density and high-barriers to entry urban markets. Atrium’s outstanding team of professionals will undoubtedly contribute to the Company’s success going forward. Gazit has been a supportive investor in the Company for over a decade and will continue to support the Company’s strategy of expanding in the residential for rent sector in major urban markets. Gazit’s strong available liquidity and access to capital will allow Atrium to take advantage of new investment opportunities in its core markets. With a portfolio of approximately €2.5 billion of real estate properties owned by Atrium, this transaction will advance Gazit’s strategy to becoming a fully-integrated real estate operating company and increasing Gazit’s privately held real estate portfolio. Upon completion of the transaction, approximately 85% of Gazit’s assets, on an expanded-solo basis, will be privately held real estate» said Chaim Katzman, Founder and Chief Executive Officer of Gazit Globe Ltd.

Atrium  is established as a closed-end investment company incorporated and domiciled in Jersey and regulated by the Jersey Financial Services Commission as a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange and the Euronext Amsterdam Stock Exchange.

Source : Atrium European Real Estate