Atlas-Rothschild joint venture

Edmond de Rothschild Real Estate Fund (EDR) will be Atlas Estates' new strategic partner for real-estate ventures throughout Central and Eastern Europe. The two companies are set to invest together in Central and Eastern Europe through a new joint-venture entity. Atlas, which holds fifty percent of the new company's capital, will be in charge of the realization and management of future projects initiated under the joint venture. According to the terms of the contract, profits are to be equally divided between Atlas and EDR. In addition, Atlas is entitled to a commission when the internal rate on return (IRR) is higher than expected.

"Thanks to the strategic partnership with EDR, we will be able to employ our full potential and build on the number of significant projects in development in Central and Eastern Europe," says Amos Pickel, president of Atlas Management Company, which manages the company's assets. The first project for the joint venture is a residential investment on ul. Cybernetyki in Warsaw's Mokotów district. The cost of the 3,098 sqm property was E6.5 (zł.25) million.

Currently, Poland is the key market in Atlas's CEE portfolio, with fifty percent of its assets located in high-standard residential, office, retail and hotel properties, including the Hilton Hotel in Warsaw and the nearby Platinum Towers residential development. The company plans several more real-estate projects across Poland this year.