Austrian-listed developer Meinl European Land (MEL) said its board has proposed to change the company's name to Atrium European Real Estate, following a EUR 800mln buyout in March by Israeli property company Gazit-Globe and US investor CPI Capital Partners Europe. The new name is conditional upon regulatory and shareholder approval and the closing of the acquisition by the two investors, the company said in a statement.
Austrian-listed developer Meinl European Land (MEL) said its board has proposed to change the company's name to Atrium European Real Estate, following a EUR 800mln buyout in March by Israeli property company Gazit-Globe and US investor CPI Capital Partners Europe. The new name is conditional upon regulatory and shareholder approval and the closing of the acquisition by the two investors, the company said in a statement.
'The new name of Atrium European Real Estate will be another step towards a new future for MEL,' said Rachel Lavine, who will become the company's new CEO once the deal has been completed. 'This will be a new, strong brand that we aim to position as one of the premier real estate companies in Europe, synonymous with delivering value for shareholders.'
MEL focuses on retail assets in Central and Eastern Europe and has a portfolio of 162 properties with a market value of EUR 1.9bn.
