European shopping centre owner The Atrium Group has reported an increase in profits after taxation to £84.4m in 2019, from £60.6m in 2018.
The business’s EBITDA decreased by 1.8% to £153.6m for the year ending 31 December 2019, compared to £156.4m in 2018.
Most of the group’s properties are in Poland and the Czech Republic, including Kings Cross Shopping Centre in Warsaw which was acquired by the group in June 2019 for €43m (£36m).
Liad Barzilai, chief executive of Atrium Group, said: “Today’s results once again reflect the ongoing tangible success of the asset rotation strategy we have been executing over the last few years, providing us with a portfolio of faster-growing dominant assets focused in Warsaw and Prague, which continue to benefit from urbanisation and a strong macro backdrop.
“As we move into a new decade and continue to respond to the structural trends that are driving consumer habits, including shopping and living, we will be executing our evolved strategy.
”This strategy will build on our expertise, leverage the quality of our existing portfolio and de-risk against potential volatility of our cash flow as we diversify into the residential for rent sector. This will see the shape of our portfolio evolve towards a platform of c. 5,000 high quality residential units for rent, mainly in Warsaw, which will complement the leading retail destinations that we now own as a result of our successful repositioning strategy.”