EANS-Adhoc: Atrium European Real Estate Limited / First Half Results 2009

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6-month report

21.08.2009

Atrium European Real Estate Limited
("Atrium" the "Company" or the "Group")

First half results show solid progress and improved efficiency

Jersey, 21 August 2009. Atrium European Real Estate (Euronext/ATX:
ATRS), a leading Central and Eastern European real estate business
focused on shopping centre investment, management and development,
announces its results for the half year ended 30 June 2009.

Key points of the results are as follows: . Net rental income grew
19.9% to EUR59 million (6M 2008: EUR49 million) while gross
rental income rose 16.4% to EUR75 million (6M 2008: EUR64
million).

- On a like-for-like basis, GRI fell 6.9% to EUR58 million (6M 2008:
EUR62
million) and NRI fell 4.3% to EUR50 million (6M 2008: EUR52 million).
- Second quarter GRI was EUR38 million, slightly up on Q1 2009, with NRI
up 4.7% at EUR30 million.
- Operating margin improved to 79% for the first half from 71% in 2008,
reflecting Atrium's ongoing operational efficiency programme.
. Balance sheet remains strong, with a cash balance at 30 June 2009 of
EUR855 million (2008: EUR1.25 billion).
- Borrowings reduced to EUR1.08 billion (31 December 2008: EUR1.51
billion), following the acquisition of EUR441 million of nominal value
of 2006 Notes
and 2008 Convertible Securities, reducing annualised interest payments by
EUR34 million.
- The average interest rate is now 7.6%.
- The Group is well within the two covenants of its medium term note
programme 2006.
. Standing assets were revalued downwards by EUR237 million to
around EUR1.49 billion in the first half, while its land and development
portfolio was revalued down by EUR139 million to EUR712 million.
- This negative revaluation was felt predominantly in Q1, with a noticeable
slowdown in the rate of decline in Q2.
- In Q2, standing investments were revalued down by only EUR56 million
(Q1 revalued down by EUR181 million), while developments and land was
down by EUR28 million (Q1 revalued down by EUR111 million).

. 9.85% average weighted equivalent yield at 30 June 2009 compared to
9.69% at the end of the first quarter and 9.14% at the end of
2008. . EBITDA excluding the revaluation and impairment amounted to
EUR40 million (6M 2008: EUR23 million). . Loss before tax was
EUR325 million (6M 2008 profit before tax: EUR2 million),
mainly resulting from the valuation movement of standing
investments, developments and land. . Cash flow from operating
activities was EUR33 million (6M 2008: EUR51 million), mainly due
to a decrease in interest rates, lower cash balances and higher
average interest expense. . Net asset value per share was at EUR8.97
(31 March 2009: EUR9.22, 31 December 2008: EUR10.66). .
Occupancy levels were slightly up at 93.6% compared to 93.4% at the
end of Q1 2009 and steady compared to 93.6% at 31 December 2008.
. The Company progressed its dual listing of shares on Euronext
Amsterdam which was subsequently completed when dealings commenced
on 19 August.

Commenting on the results, Rachel Lavine, CEO of Atrium European
Real Estate, said: "Against an ongoing difficult and unpredictable
market backdrop, we have been quick to react and made good
progress across all areas of the business. The economic climate
and lower rental income in some countries have clearly
impacted the value of our portfolio. However, despite yields
continuing to move out in the second quarter of 2009, movements
appear to be getting smaller and we are reaching a more stable
level.

"The successful completion of the Company's dual listing on Euronext
Amsterdam has been an important milestone for the Company this year.
It provides us with a strong platform for future growth and
was one of the key objectives identified when the new
management team took over. As an internationally recognised
and traded exchange, it opens Atrium up to a far wider universe of
potential investors which we believe should result in
increased analyst coverage, greater liquidity in Atrium's shares and
enhanced pricing over the longer term.

"Whilst the economic outlook in many of our areas of operation
continues to be uncertain, we remain robust in our positive
long term outlook. We will continue to assess opportunities
arising from the current market conditions and will maintain our
focus on making the company more efficient operationally and
financially. The strength of our balance sheet and low levels of
leverage, the resilience of our asset class combined with the
quality of our portfolio and the ability of our management team
leaves us well positioned to achieve our aim of being the leading
owner and developer of supermarket anchored shopping centres in
Central and Eastern Europe."

A full version of the first half 2009 results can be found on the
Atrium page

of the Vienna Börse website at http://en.wienerborse.at or on the Company's
website at www.aere.com.

For further information:

Financial Dynamics: +44(0)20 7831 3113
Richard Sunderland

Laurence Jones
Stephanie Highett
Richard.sunderland@fd.com

Notes to Editors:

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 at 30 June 2009 the Group owned 152 standing investments, with
a market value of EUR1.49 billion, diversified across eight countries
with a total gross lettable area of 1.1 million sqm.
Geographically, the Group's focus is principally concentrated in
Poland, the Czech Republic and Russia with a presence in Hungary,
Romania, Slovakia, Latvia and Turkey. In addition, the Company
has a development portfolio including several development projects
with a market value of EUR712 million as at 30 June 209.

Gross rental income from investment properties for the year ended
31 December 2008 was EUR134 million and EUR75 million for the first
half of 2009. Net rental income for the year to 31 December 2008
amounted to £95 million and EUR59 million for the six months to 30
June 2009. As at 30 June 2009, the Company had a cash position of
EUR855 million against borrowings of EUR1.08 billion.

Following a strategic investment of EUR500 million by a Citi
Property Investors and Gazit Globe Ltd joint venture, agreed in
August 2008, Rachel Lavine was appointed Chief Executive Officer
of Atrium. Rachel Lavine has significant experience of both real
estate and the CEE region and was previously President and CEO of
Plaza Centres. The Board is chaired by Chaim Katzman, founder of
Gazit Globe, which has extensive global experience of real estate
management and is one of the largest owners of shopping centres in
the world.

The Company is based in Jersey and dual listed on the 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.

end of announcement euro adhoc
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ots Originaltext: Atrium European Real Estate Limited
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Financial Dynamics: +44(0)20 7831 3113

Richard Sunderland

Laurence Jones

Stephanie Highett

Richard.sunderland@fd.com

Branche: Real Estate
ISIN: AT0000660659
WKN: 066065
Index: Standard Market Continous
Börsen: Wien / official market