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Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

VIENNA-Austria’s Atrium European Real Estate has completed the transformation of its equity capital structure, terminating the Austrian Depository Certificates and exchanging them 1:1 for common stock in a listing on Euronext Amsterdam in addition to the Vienna quotation.

Atrium – the former Meinl European Land, taken over last year by Israel’s Gazit Globe group and Citibank’s Citi Property Investors – said it believes this will bring significant benefits. “Euronext Amsterdam is an internationally recognised and traded exchange and should therefore open the company up to a far wider universe of potential investors,” it said. “As such, Atrium expects this to result in increased analyst coverage, greater liquidity in Atrium’s shares and, over the longer term, enhanced pricing.”

The exchange of ADCs was done in compliance with the laws of Jersey, Channel Islands, where the company is registered. No action is required by certificate holders who, as holders of book-entry interests, will continue to be able to buy and sell through tradeson the Vienna Stock Exchange or Euronext Amsterdam. Atrium announced on January 14 that it would seek a second listing on Euronext Amsterdam. A resolution to change the articles of association to this effect was approved by shareholders on April 6. The exchange took place after close of trading on August 18.

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