EANS-Adhoc: Atrium European Real Estate Limited / Third Quarter Results and Directorate Changes

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9-month report

25.11.2009

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

Third Quarter Results and Directorate Changes

Jersey, 25 November 2009. Atrium European Real Estate (ATX/EURONEXT:
ATRS), one of the leading real estate companies focused on
shopping centre investment, management and development in Central
and Eastern Europe, announces its results for the nine months and
third quarter ended 30 September 2009.

Financial highlights: • Gross rental income increased by 14.5% to
EUR112 million (September 2008: EUR97 million) -
like-for-like gross rental income decreased by 8.3% to EUR86
million (September 2008: EUR93 million) • Net rental income grew
25.9% to EUR89 million (September 2008: EUR71 million),
reflecting an improvement in operational efficiencies -
like-for-like net rental income decreased by 5.54% to EUR71
million (September 2008: EUR75 million) • Cash balance remains
strong at EUR814 million (30 June 2009: EUR855 million;
31 December 2008: EUR1.3 billion; 30 September 2008: EUR1.4 billion)
• Borrowings decreased from EUR1.51 billion, as at 31 December
2008, to EUR1.07 billion as at 30 September
2009(30 September 2008: EUR1.6 billion) and the Group remains
comfortably within the covenants of its 2006 medium term notes •
EBITDA excluding property revaluation and exceptional items amounted
to EUR64 million (September 2008: EUR34 million) • Loss after
taxation amounted to EUR342 million (September 2008: EUR485
million), with a loss per share after taxation of EUR1.473
(September 2008: loss of EUR2.293) • Cash flow from
operating activities amounted to EUR51 million
(September 2008: EUR40 million)

• Net asset value per share was EUR8.75 (30 June 2009: EUR8.97; 31 December
2008; EUR10.66)
• Standing investments were revalued downwards by EUR36 million to EUR1.46

billion over the three months to 30 September 2009, showing a
significant slowdown in devaluation compared to the EUR237 million
downward valuation for the first half year of 2009 • Operating
margin for the nine months to 30 September 2009 improved to 79.65%
compared to 72.42% for the nine months to 30 September 2008, and to
81.43% for the third quarter 2009 compared to 64.64% in the
third quarter 2008, reflecting the Group´s ongoing operational
efficiency programme.

Operational highlights: • Announcement and subsequent approval at
EGM, of the Exchange Transaction, which on completion, will
result in the exchange of EUR427.9 million of 2008 Convertible
Bonds, 4,933,333 warrants and 8,043 special voting shares for
144.9 million ordinary shares and EUR9.3 million in cash
with CPI/Gazit Holdings Limited

- following closing of the Exchange Transaction, a proposed partial tender
offer for up to EUR120 million in nominal value of 2006 medium term notes
at 95%, as well as the payment of a special dividend of EUR0.50 per
ordinary share and the initiation of a dividend policy of EUR0.12 per
ordinary share per year

• Average occupancy rate remained stable at 93.57% despite
difficult market conditions (30 June 2009: 93.57%) • Opening an
extension at Togliatti centre in Russia during the period ended
30 September 2009 with further openings of extensions at
Volgograd and Togliatti since the period end.

Directorate Changes Atrium also announces that, following approval
at a Board meeting on 24 November 2009, Neil Hasson and Noam
Ben-Ozer have been appointed as non- executive directors with
immediate effect, following the retirement from the Board of
Shanti Sen and Peter Baguley.

Neil Hasson, managing director and head of Europe for Citi Property
Investors ("CPI"), will be one of CPI´s appointed directors on the
Board. He replaces Shanti Sen who has stepped down from the Board
following her resignation from CPI to pursue other business
opportunities. Mr. Hasson joined CPI in February 2005 and is
responsible for a EUR1.2 billion pan European real estate fund. Prior
to joining CPI, he was a successful private real estate investor,
acquiring in excess of £250 million of commercial real estate in the
UK over a three year period. Previously, Mr. Hasson was a
founding partner of DLJ Real Estate Capital Partners, a $660
million real estate opportunity fund, managed by Donaldson,
Lufkin and Jenrette, where he worked for 10 years. From 1989, prior
to DLJ, he worked for Goldman, Sachs & Co. in London, Tokyo and New
York. He holds an MBA from The Wharton School of the University of
Pennsylvania and a B.Sc. in Electrical Engineering from the
University of Cape Town.

Noam Ben-Ozer has been appointed to the Board as an independent
non-executive director in place of Peter Baguley who has stepped down
in order to ensure that Atrium´s Board retains a suitably
international representation overall that is consistent with the
applicable fiscal and regulatory considerations and
requirements relating to Directors´ residency.

Mr. Ben-Ozer is the founder and proprietor of Focal Advisory, a
strategic and finance-related advisory firm in Boston. He has
extensive experience in financial and business planning, fund
raising, deal structuring and project financing. He is also a
director of Equity One, a leading US real estate investment
trust. Mr. Ben-Ozer holds an MBA from the Harvard Business School.

Commenting, Rachel Lavine, Chief Executive Officer of Atrium
European Real Estate, said: "We are pleased with the financial
results of the Company and the progress we have achieved in the
first nine months of 2009.

"We believe the Exchange Transaction, which was announced in
September, to be an extremely positive step forward for Atrium, as
it follows our clearly stated strategy of reducing our debt, having
already acquired in EUR382.8 million of nominal value in 2009. It
is also in line with our commitment to improving both the efficiency
of our balance sheet and our corporate governance. This
transaction will simplify Atrium´s capital structure and
significantly decrease its borrowing costs. Together with the
completion of our Euronext Amsterdam listing, we are in a far more
stable state than when we took control and are now shifting focus
onto growth and the creation of value.

"Our strong cash position, low leverage, strong management team and
resilience of our asset class leave me feeling confident of the
future prospects of the Company.

Chaim Katzman, Chairman of Atrium, added: "On behalf of the Board, I
would also like to thank both Shanti and Peter for all their hard
work during their time at Atrium and to welcome our new
directors, Neil and Noam, to the Company."

A full version of the third quarter 2009 results 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.

For further information:

Financial Dynamics: +44 (0)20
7831 3113 Richard Sunderland Laurence Jones Richard.sunderland@fd.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.

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 Continous
Börsen: Wien / official market