Atlas maps out WSE debut

Atlas Estates, a British real-estate investment firm, is considering making a debut on the Warsaw Stock Exchange before the end of 2007. The firm, which operates mainly in Central and Eastern Europe, is already listed on the London AIM exchange.

"We're mulling a stock market debut in Poland because of the Polish stock market's very good perspectives and liquidity," said Quentin Spicer, the firm's CEO. "The concentration of our activities in the CEE region also supports this concept," he added.

Atlas has several investments in Warsaw, including the Hilton Hotel and the Millennium Plaza office buildings, as well as residential projects such as the Platinum Towers and Capital Art Apartments. Outside of from Poland, Atlas Estates operates in Slovakia, Hungary and Romania. The total valued of projects realized in these countries amounts to around R120 (zł.460) million.

In 2006, Atlas Estates had revenues of R5.3 (zł.20.3) million and a net loss of R10.6 (zł.40.7) million. By the end of that year, the total value of the firm's assets came to R312 (zł.1,197) billion, of which its Polish assets accounted for R189 (zł.725) million.

Atlas Estates was founded in February 2006 by three shareholders: the Elran group, the Izaki group, and the RP capital group. It debuted on the London AIM in March of this year.

The company is scheduled to reveal further details for strategic development on April 17.

Chris Gotowski