EANS-Adhoc: Atrium European Real Estate Limited / FIRST QUARTER 2014 RESULTS SHOW CONTINUED STRONG PERFORMANCE

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quarterly or semiannual financial statement/3-month report
16.05.2014

Atrium European Real Estate Limited
("Atrium")

FIRST QUARTER 2014 RESULTS SHOW CONTINUED STRONG PERFORMANCE

Ad hoc announcement - Jersey, 16 May 2014. 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 quarter and three
month period ended 31 March 2014.

Highlights:

* Gross rental income ("GRI") increased by 4.4% to EUR52.8m (3M 2013:
EUR50.6m), with an increase in EPRA like-for-like GRI of 1.0% to
EUR48.5m (3M 2013: EUR48.0m)

* Net rental income ("NRI") increased by 8.0% to EUR51.0m (3M 2013:
EUR47.2m), with an increase in EPRA like-for-like NRI of 2.6% to
EUR46.9m (3M 2013: EUR45.7m)

* Operating margin for the three month period was 96.6% (3M 2013:
93.4%) which is above our expected full year target.

* EPRA occupancy rates at 31 March 2014 remained high at 97.8% (31
December 2013: 98.1%)

* EBITDA, excluding revaluation and disposals, increased by 11.7% to
EUR44.7m (3M 2013:EUR40.0m)

* A EUR3.8m growth in NRI and the positive effect of foreign exchange
differences of EUR9.3m (compared to a EUR7.9m loss in the first three
months of 2013) were offset by a EUR16 million devaluation, which
stems mainly from the non-core land plot in Turkey we sold in
April. This together resulted in a profit before taxation of
EUR27.9m compared to EUR33.0m for the first three months of 2013.

* Company adjusted EPRA earnings per share increased by 4.4% to 9.4
EURcents (3M 2013: 9.0EURcents).

* The value of the Group's 153 standing investments grew by 4.9% to
EUR2.5 billion, compared to 31 December 2013, and includes the
Group's first major development, the Atrium Felicity shopping
centre in Lublin, Poland, which opened in March 2014.

* Cash position of EUR294.4m with borrowings of EUR802.5m as at 31
March 2014 (FY 2013: EUR803.6m), representing a gross and net LTV
of 27.2% and 17.2% respectively

* EPRA Net asset value ("NAV") per ordinary share remained constant
at EUR6.43 (FY 2013: EUR6.43) after distributing dividends of
EUR0.06 per share.

* A dividend payment of EUR0.06 per share was made for the first
quarter of 2014, with the second quarterly payment due on 30 June
2014 to shareholders on the register at 23 June 2014 with an
ex-dividend date of 18 June 2014.

Operational Highlights:

* The Atrium Felicity shopping centre in Lublin, Poland, opened in
March 2014. The 75,000 sqm GLA centre is almost fully occupied and
is anchored by a 20,000 sqm hyper market which was handed to Auchan
in October 2013, a 12,600 sqm Leroy Merlin DIY store and a 3,500
sqm Saturn electronics store

* Completed the sale of a land plot in Istanbul for a consideration
of EUR47.0m in April 2014

* Following the re-purchase of EUR20.5m nominal value of its 2005
bonds (due in 2015) in April 2014, Atrium acquired a further
EUR11.9m.

Group executive management team changes

On 27 January 2014 Atrium announced the appointment of Josip Kardun,
who joined Atrium's Group Executive Management Team as Chief
Operating Officer in February 2014. Mr Kardun, who also acts as
Deputy Chief Executive Officer, joined Atrium from European retail
property specialists, ECE Projekt management GmbH & Co KG, where he
worked for seven years in a number of senior positions, most recently
as its Chief Investment Officer and Head of Mergers & Acquisitions
and Transaction Management Group.

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

"Our core markets continue to experience economic improvement which
was reflected in the IMF's decision to upgrade its forecasts for 2014
for all of our main markets, with the exception of Russia, due to the
uncertain situation in Ukraine where we will continue to monitor how
events unfold very closely.

"During the first quarter 2014 we have maintained the positive
momentum built up during 2013. In addition to the continued attention
to the careful asset management of our portfolio, since the start of
the year we successfully opened our flagship shopping centre, Atrium
Felicity, in Lublin, and progressed our strategy to dispose of
non-core assets, both of which have allowed us to achieve our aim of
reducing our weighting towards development - which now accounts for
less than 15% ofthe total real estate portfolio.This, together with
the bond buy backs, marks further progress in our goal of improving
the efficiency of our balance sheet."

This announcement is a summary of, and should be read in conjunction
with the full version of the Group's Q1 2014 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
lpopova@aere.com

Press & Shareholders:

FTI Consulting Inc +44 (0)20
3727 1000

Richard Sunderland
Will Henderson
Nick Taylor

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