EANS-Adhoc: Atrium European Real Estate Limited / ATRIUM STRENGTHENS POLISH PORTFOLIO BY COMPLETING THE PROMENADA ACQUISITION AND ACQUIRING DEVELOPMENT LAND IN TORUN

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06.05.2011

Atrium European Real Estate Limited

("Atrium" or the "Company")

ATRIUM STRENGTHENS POLISH PORTFOLIO BY COMPLETING THE PROMENADA ACQUISITION AND
ACQUIRING DEVELOPMENT LAND IN TORUN

-SALE IN TURKEY CONTINUES RATIONALISATION OF NON CORE LAND BANK-

Jersey, 6 May 2011. Atrium European Real Estate (VSE / Euronext: ATRS), one of
the leading real estate companies focused on shopping centre investment,
management and development in Central and Eastern Europe, announces that,
further to its announcement on 20 December 2010, it has completed the
acquisition of the Promenada Shopping Centre ("Promenada") in Warsaw, Poland
for EUR171 million from Carpathian PLC.

Promenada is Warsaw´s number four shopping centre and the
EUR171 million transaction value comprises a purchase price of EUR169.5 million,
as well as a further EUR1.5 million payable upon receiving a VAT refund,
which is expected within three months.

In addition to achieving an immediate cost saving through internalising the
centre´s management, Atrium has already identified a number of short-term value
enhancing initiatives at the centre. Atrium also intends to progress the
development potential of the asset and, in February 2011, conditionally
acquired an adjacent 22,500 sq m land plot from Pirelli Pekao Real Estate for
EUR10.7 million (PLZ41.5 million), on which it intends to build an extension
to the centre.

This transaction is in line with Atrium's strategy of growth by acquisition,
through adding value by extending and redeveloping its existing assets and of
its focus on the key markets of Poland, The Czech Republic and Slovakia. This
strategy is further evidenced by the Company's recent acquisition of a 38,000
sq m land plot adjacent to its Copernicus shopping centre in Toru?, Poland, for
EUR7.5 million which will allow the Company to extend the current centre, and
the sale of a 3.6 hectare land plot in Kahramanmara?, Turkey, for
EUR16.5 million, which is above Atrium´s book value (both of which are
subject to certain conditions precedent).

Commenting, Rachel Lavine, CEO of Atrium European Real Estate, said: "These
two acquisitions underline our strategy of both seeking high quality income
producing assets, located in the major cities of our target geographies, and of
continually looking at ways of utilising our asset management and development
skills to add value to our existing assets. The sale of the land plot in
Turkey, at above book value, is in line with our strategy of disposing of
projects which no longer fit within our development criteria, in order to focus
on those properties which will best complement our operating portfolio."

For further information:

Financial Dynamics: +44(0)20 7831 3113
Richard Sunderland
Laurence Jones
Will Henderson
[email protected]

More information about Atrium European Real Estate Ltd can be found on the
Atrium page of the Vienna Börse website at http://en.wienerborse.at/ and on the
Company´s page of the Euronext Amsterdam website, www.euronext.com or on the
Company´s website at www.aere.com.

About Promenada
Promenada has a total gross lettable area ("GLA") of 53,840 sq m, comprising
41,778 sq m of retail across three floors, below 12,062 sq m of offices. The
centre has an occupancy level of 93.99% by GLA, is anchored by a 4,030 sq m
Alma supermarket, as well as a 6,600 sq m Cinema-City and houses a number of
other strong international and Polish retail brands including Agent
Provocateur, Bennetton, LaCoste, Electroworld, H&M, Zara, Go Sport, Empik, Max
Mara, Versace and Liu Jo.

About Copernicus and the recent acquisition of land for development in Toru?
The EUR7.5 million (PLZ36 million) acquisition of a 38,000 sq m land
plot adjacent to Atrium´s Copernicus shopping centre in Toru?, allows
Atrium to expand the current offering by around 19,000 sq m of GLA and build a
new multi-level car park for over 1000 car spaces.

The extension is expected to increase Copernicus´s total GLA to around 55,000
sq m and strengthen its position as the dominant retail destination in the
area. Based on preliminary discussions with retailers, Atrium believes that
the extension will attract many new international and local brands and food
outlets, as well as allowing current tenants to expand their presence in the
centre.

The acquisition is subject to a number of condition precedents, including the
receipt of the required building permits and the transaction is expected to
close in Q3 this year, with construction expected to start around 12 months
thereafter.

Currently Copernicus is a 30,200 sq m GLA modern shopping centre which is
anchored by 11,300 sq m REAL hypermarket and bowling complex. The shopping
Centre was opened in 2005 and is a home to a number of international retailers
including Media Markt and H&M which in 2009 extended its space at the centre.
The centre has a catchment area with a population of around 200,000 people
within a 10 minute drive and in 2010 it attracted up to 5 million visitors.
The existing entrances and ground level car park for 850 car spaces will remain
and it is not expected that there will be any restrictions on their use
throughout the construction phases.

About Atrium European Real Estate Limited
Atrium is a leading real estate company focused on shopping centre investment,
management and development in Central and Eastern Europe. As of 31 December
2010 the Group owned 153 shopping centres, with a market value of EUR1.5
billion, diversified across eight countries with a total gross lettable area
of 1.1 million sq m. Gross rental income from investment properties for
the year ended 31 December 2010 was EUR151 million and net rental income for
the period was EUR134 million. 

Geographically, the Group´s focus is principally concentrated in Poland, the
Czech Republic and Hungary with a presence in Russia, Romania, Slovakia, Latvia
and Turkey. In addition, the Company has a development portfolio with a market
value of EUR635 million as of 31 December 2010.

The Company is based in Jersey and dual listed on Vienna and Euronext Amsterdam
Stock Exchanges under the ticker ATRS.

This press release appears as a matter of record only and does not constitute
an offer to sell or a solicitation of an offer to purchase any security.

Atrium is established as a closed-end investment company domiciled in Jersey.
Atrium is registered with the Dutch Authority for the Financial Markets as a
collective investment scheme which may offer participations in The Netherlands
pursuant to article 2:66 of the Financial Supervision Act (Wet op het
financieel toezicht). All investments are subject to risk. Past performance is
no guarantee of future returns. The value of investments may fluctuate. Results
achieved in the past are no guarantee of future results. The Dutch and Austrian
paying agent of Atrium is Kempen & Co. N.V., Beethovenstraat 300, 1077 WZ
Amsterdam, the Netherlands.

Further inquiry note:
Financial Dynamics, London
Richard Sunderland / Laurence Jones
Phone: +44 (0)20 7831 3113
mailto:[email protected]
end of announcement euro adhoc
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issuer:      Atrium European Real Estate Limited
             Seaton Place 11-15
             UK-JE4 0QH  St Helier Jersey / Channel Islands 
phone:       +44 (0)20 7831 3113
mail:        [email protected]
WWW:         http://www.aere.com
sector:      Real Estate
ISIN:        JE00B3DCF752
indexes:     Standard Market Continuous

stockmarkets: official market: Wien
language: English

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