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

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quarterly or semiannual financial statement/quarterly report
12.11.2014

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

THIRD QUARTER 2014 RESULTS SHOW CONTINUED STRONG PERFORMANCE

Ad hoc announcement - Jersey, 12 November 2014. Atrium European Real
Estate Limited (VSE/ Euronext: ATRS), a leading owner, operator and
developer of shopping centres and retail real estate in Central and
Eastern Europe, announces its interim results for the third quarter
and nine months ended 30 September 2014.

Highlights:

- Gross rental income ("GRI") increased by 5.8% to EUR160.2m (9M
2013: EUR151.4m),with EPRA like-for-like GRI remaining stable at
EUR142.9m (9M 2013: EUR142.9m).

- Net rental income ("NRI") increased by 7.3% to EUR153.4m (9M 2013:
EUR143.0m), with EPRA like-for-like NRI increasing 0.3% to EUR136.6m
(9M 2013: EUR136.3m).

- Operating margin for the nine months was 95.8% (9M 2013: 94.5%),
which is above the expected full year target.

- EPRA occupancy rate at 30 September 2014 remained high at 97.6% (31
December 2013: 98.1%).

- EBITDA, excluding the revaluation result, disposals and
impairments, increased by 9.2% to EUR132.2m (9M 2013: EUR121.1m).

- Profit before taxation was EUR63.1m compared to EUR96.3m for the
first nine months of 2013, adversely affected by a EUR41.5m
devaluation (compared to a EUR9.3m revaluation in the first nine
months of 2013), partially offset by a gain of EUR7.6m from foreign
exchange differences (compared to a EUR 0.4m foreign exchange loss
in the first nine months of 2013) and EUR 10.4m growth in NRI.

- Company adjusted EPRA earnings per share increased by 9.8% to 28.1
EURcents (9M 2013: 25.6 EURcents).

- The value of the Group's 151 standing investments grew by 5.0% 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 EUR260.3m with borrowings of EUR721.7m as at 30
September 2014 (31 December 2013: EUR305.6m cash and EUR803.6m
borrowings), representing a gross and net LTV of 25.1% and 16.0%
respectively, reflecting a conservatively positioned balance sheet.

- EPRA net asset value per ordinary share remained relatively
constant at EUR6.42 (FY 2013: EUR6.43) after a dividend of EUR 0.18
per share in the nine months of 2014.

- A dividend payment of EUR 0.06 per share was made for the third
quarter of 2014, with the fourth quarterly payment due on 30
December 2014 to shareholders on the register at 22 December 2014,
with an ex-dividend date of 19 December 2014.

- In its meeting on 11 November 2014, the Board has approved an
increase in the annual dividend payment for 2015 to at least EUR
0.27 per share, proposed to be paid in quarterly instalments
commencing at the end of March 2015 (subject to any legal and
regulatory requirements and restrictions of commercial viability).

Operational highlights during and after the period:

Investment properties

- Progress on acquisition strategy to invest in our strongest
regional economies and increase our exposure in our core markets of
Poland, the Czech Republic and Slovakia:

- Acquisition of the AFI Palác Pardubice shopping centre in Pardubice,Czech
Republic for EUR83.1m.

- Agreed acquisition of Focus Mall in Bydgoszcz, Poland for EUR122m
announced in October, with completion expected in November 2014.

- Commenced works on the EUR44.0m first stage extension of the Atrium
Promenada centre in Warsaw, Poland in September.

- Achieved further progress with the strategy of opportunistically
divesting non-core development properties for a total cash
consideration of EUR71.4m. This includes the sale of land plots in
Istanbul, Turkey for EUR47.0m, in Sofia, Bulgaria, for EUR12.1m and
in Georgia, for EUR6.3m and a sale after the period end of a land
plot in Adana, Turkey, for a consideration of EUR6.0m.

- The Atrium Felicity shopping centre in Lublin, Poland, opened in
March 2014. The 75,000 sqm GLA development is almost fully occupied
and is anchored by Auchan, a Leroy Merlin DIY store, LPP, Inditex,
H&M and Saturn electronics.

Borrowings

- During the period, Atrium re-purchased bonds issued in 2005 and due
in 2015, with a total nominal value of EUR39.4m and completed early
repayments of two bank loans in Slovakia, totalling EUR41.0m.

- In October 2014, Atrium issued a EUR350 million unsecured eight
year Eurobond, carrying a 3.625% coupon. The bond was rated BBB- by
both S&P and Fitch, in line with Atrium's corporate rating. Also
in October 2014, Atrium obtained two five year revolving credit
facilities, totalling EUR50m.

Group executive management team changes

- In July 2014, Atrium announced that Group Chief Executive Officer,
Rachel Lavine, will assume the role of Executive Vice Chairman on
30 November 2014 and that Josip Kardun, the Group's current Chief
Operating Officer and Deputy Chief Executive Officer, will become
the Group Chief Executive Officer. The position of Group Chief
Operating Officer was assumed by Rudiger Dany.

Commenting on the results, Rachel Lavine, Group CEO, said:

"During a busy third quarter, we have built steadily on the
operational progress made during the first half of the year, as
evidenced by the solid operational and financial achievements. We
have continued to make strong progress in the delivery of our
acquisition strategy through the acquisition of AFI Palác Pardubice
in the Czech Republic and an agreement to acquire Focus Mall
Bydgoszcz, Poland, both prime shopping centres. We have also
completed the successful issue of our second unsecured corporate debt
issuance, through which we raised EUR350 million.

"This is my last set of results as Group CEO as I move to the
position of Executive Vice Chairman at the end of this month. When I
was appointed as Group CEO, the Atrium Group was in a distressed
situation and facing the onset of the financial crisis but the Board
and I were convinced of its potential. Six years on, as Josip Kardun
prepares to assume the position of Group CEO, we are a highly
efficient market leading business and I am convinced that we will
continue to perform well and to grow. All efforts have been made to
effect a smooth transition and, while I will continue to be involved
in directing the Group's strategic agenda, I leave the Group in very
safe hands.

"I would like to express my thanks and appreciation to Atrium's
shareholders and to the analyst community for the confidence they
have placed in us and for their continued encouragement and support
over the course of the last six, often tumultuous, years."

"I would also like to take this opportunity to thank all our
employees, partners and advisers who, sometimes under very harsh
conditions, have helped us to deliver consistent growth throughout my
tenure as Group CEO. Last but not least, I would like to give a
special thanks to the Board of Directors of Atrium without whose
leadership, guidance and support our success would not have been
possible".

This announcement is a summary of, and should be read in conjunction
with the full version of the Group's Q3 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
Claire Turvey
Nick Taylor
atrium@fticonsulting.com

Atrium is established as a closed-end investment company incorporated
and domiciled in Jersey and regulated by the Jersey Financial
Services Authority as a certified Jersey listed fund, and is listed
on both the Vienna Stock Exchange and the NYSE Euronext Amsterdam
Stock Exchange. Appropriate professional advice should be sought in
the case of any uncertainty as to the scope of the regulatory
requirements that apply by reason of the above regulation and
listings. 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:
For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland
Nick Taylor
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