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
Richard.sunderland@fd.com

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.

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, London
Richard Sunderland / Laurence Jones
Phone: +44 (0)20 7831 3113
mailto:richard.sunderland@fd.com

Branche: Real Estate
ISIN: JE00B3DCF752
WKN:
Index: Standard Market Continuous
Börsen: Wien / official market