EANS-Adhoc: Atrium European Real Estate Limited / FIRST HALF RESULTS SHOW EXCELLENT OPERATIONAL PERFORMANCE AND A 37% INCREASE IN EBITDA

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17.08.2012

Atrium European Real Estate Limited

("Atrium" or the "Group")

FIRST HALF RESULTS SHOW EXCELLENT OPERATIONAL PERFORMANCE AND A 37%
INCREASE IN EBITDA

Ad hoc announcement - Jersey, 17 August 2012. Atrium European Real
Estate Limited (VSE/Euronext: ATRS), a leading owner, operator and
developer of retail real estate and shopping centres in Central and
Eastern Europe, announces its results for the first half and second
quarter ended 30 June 2012.

Financial Highlights:

- Gross rental income ("GRI") for H1 2012 increased by 13.0% to EUR
96.2m (H1 2011: EUR 85.1m), with an increase in like-for-like GRI
of 5.6% to EUR 80.8m (H1 2011: EUR 76.5m)

- Net rental income ("NRI") increased by 17.5% to EUR 91.7m (H1 2011:
EUR 78.0m), with a market leading increase in like-for-like NRI of
7.0% to EUR 76.3m (H1 2011: EUR 71.3m)

- Operating margin increased to 95.4% (H1 2011: 91.7%) slightly ahead
of management expectations

- EBITDA, excluding revaluation, increased by 36.9% or EUR 20.6m to
EUR 76.4m (H1 2011: EUR 55.8m)

- EPRA occupancy rates increased to 97.7% (H1 2011: 96.3%)

- Profit before taxation was EUR 90.9m including a EUR 33.0m
revaluation of the portfolio (H1 2011: Profit before taxation of
EUR 113.7m including a EUR 58.8m revaluation of the portfolio)

- Adjusted EPRA earnings per share increased by 21.4% to EUR 0.17 (H1
2011: EUR 0.14)

- EPRA Net asset value ("NAV") per ordinary share increased by 1.9%
to EUR 6.48 (FY 2011: EUR 6.36)

- Net cash generated from operating activities grew 12.6% to EUR
67.9m (H1 2011: EUR 60.3m)

- The Group's income producing portfolio of 155 assets valued at EUR
2.147bn (31 March 2012: EUR 2.098bn; 31 December 2011: EUR 2.077bn)

- Cash position of EUR 229.4m as at 30 June 2012

- Borrowings of EUR 555.6m as at 30 June 2012 (FY 2011: EUR 568.0m)
and a gross LTV of 20.5% (net LTV of 12.0%) with further progress
in reducing the Group's more expensive and shorter term debt
achieved through:

- the early repayment of two loans totalling EUR 10.6m from EUROHYPO
AG bank in April

- the successful closing of a tender offer for the Group's 2003 Note
programme, leaving just EUR 39.3m of the EUR 100.0m aggregate amount
of the Notes outstanding

- Quarterly dividend payment of EUR 0.0425 per ordinary share to be
paid on 28 September 2012 to shareholders on the register on 21
September 2012, with an ex date of 19 September 2012.

Operational Highlights:

- Contracted to acquire from Russian Cinema Holdings its holdings in
the Group's Volgograd, Togliatti and Yekaterinburg Russian
shopping centres for a total consideration of EUR 9.3m, with the
acquisitions of Volgograd and Togliatti completing in June and
Yekaterinburg due to complete during the remainder of the year

- Good progress made at the Group's Atrium Felicity development in
Lublin, Poland with the forward sale of the 19,700 sqm hypermarket
premises to a major international food retailer finalised in June
and the appointment of the general contractor in July. The
development is 52% pre-let and construction has now started with
completion of the entire 75,000 sqm centre expected in late 2013

- Completed the acquisition of the 38,000 sqm land plot adjacent to
the Atrium Copernicus shopping centre in Torun, Poland, announced
last year

- Five year extensions to six lease contracts across 62,000 sqm of
GLA agreed with Spar in the Czech Republic

Commenting on the results, Rachel Lavine, CEO of Atrium European Real
Estate, said:

"I am pleased to report these excellent results which demonstrate our
ability to maximise value by adopting a hands-on and detailed
approach to asset management. Despite the challenging and uncertain
economic environment, we have been able to deliver market leading
growth in like-for-like net rental income which helped us achieve an
increase of almost 37% in EBITDA and 21% in adjusted EPRA earnings.
We continue to improve Atrium's debt position by buying back or
repaying our more expensive short term debt.

"Although we see low levels of activity in the investment market, we
continue to look for suitable acquisitions in our core markets while
progressing with our development plans. I am confident about the
Company's ability to continue to perform well."

This announcement is a summary of, and should be read in conjunction
with the full version of the Group's H2 and Q2 2012 results, which
can be found on the Atrium page of the Vienna Börse website at
http://en.wienerborse.at/ and on the Group's page of the Euronext
Amsterdam website, www.euronext.com or on the Group's website at
www.aere.com.

Further information can be found on Atrium's website www.aere.com or
from:

Analysts:

Ljudmila Popova +31 (0)20 718 4564

Press & Shareholders:

FTI Consulting Inc +44 (0)20 7831 3113

Richard Sunderland / Will Henderson / Daniel O'Donnell

atrium@fticonsulting.com

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.

Further inquiry note:
FTI Consulting Inc
+44 (0)20 7831 3113
Richard Sunderland
Will Henderson
richard.sunderland@fticonsulting.com

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: richard.sunderland@fticonsulting.com
WWW: http://www.aere.com
sector: Real Estate
ISIN: JE00B3DCF752
indexes: Standard Market Continuous
stockmarkets: official market: Wien
language: English