EANS-Adhoc: Atrium European Real Estate Limited / FIRST QUARTER RESULTS DELIVER PROFIT AND SHOW CONTINUED IMPROVEMENTS IN EFFICIENCY

--------------------------------------------------------------------------------
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
--------------------------------------------------------------------------------

3-month report

19.05.2010

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

FIRST QUARTER RESULTS DELIVER PROFIT AND SHOW CONTINUED IMPROVEMENTS
IN EFFICIENCY

Jersey, 19 May 2010. Atrium European Real Estate (ATX/EURONEXT:
ATRS), a leading Central and Eastern European real estate business
focused on shopping centre investment, management and development,
announces its results for the first quarter ended 31March2010.

Highlights: * Profit before tax of E46.3 million (Q1 2009: loss of
E259.5 million; FY2009:loss of E486.6million) * Net cash from
operating activities grew 213% to E28.3 million compared to
E9.0million for the corresponding period last year (FY2009: E64.7
million) * EBITDA excluding revaluation and other exceptional items
up 21% to E25.6 million (Q12009:E21.2 million; FY2009:
E90.9million) * EPRA Net asset value ("NAV") per ordinary share up
2.2% to E5.91 compared to E5.78 at 31December 2009 * Margin
improved to 88% compared to 77% in Q1 2009 (FY 2009: 81%) * Value of
standing investments increased to E1.499 billion compared to E1.475
billion at 31December2009 * Developments and land portfolio valued at
E692.0 million compared to E666.1 million at 31December 2009 *
Weighted average occupancy increased slightly to 94.2% (Q1 2009:
93.4%) * Gross rental income remained stable at E37.2 million (Q1
2009: E37.1 million; FY2009:E148.8million) with like-for-like gross
rental income down by 4.3% to E32.8 million (Q12009: E34.3 million;
FY2009:E112.3million), both reflecting the temporary rental
discounts given since mid 2009 * Improved operational efficiencies
reflected in net rental income growth of 14% to E32.7 million
(Q12009: E28.7 million; FY2009: E121.3 million). Like- for-like
net rental income decreased by 1.8% to E28.9 million (Q12009: E29.4
million; FY2009:E98.6million) * Borrowings decreased from E658.8
million, as at 31 December 2009, to E580.2 million as at 31 March
2010, following the repurchase of just over E80 million of 2006
Notes in January 2010 at 95% of nominal value * Cash balance remained
strong at E542.7 million at 31 March 2010
(31December2009:E610.7million) * E0.03 dividend paid on 31 March
2010, with a further E0.03 quarterly dividend to be paid on 30June
with an ex date of 22 June and a record date of 24 June 2010.

Commenting on the results, Rachel Lavine, CEO of Atrium European Real
Estate, said: "The positive trend in our markets, which began during
the second half of 2009, continued into the first three months of
2010. This is reflected in today's results and I am pleased to be
able to report a profit before tax for the first time since we took
the helm of the company. We also recorded a 21% improvement in
EBITDA and saw an increase in the value of both our portfolio of
standing investments and our development and land pipeline. We have
continued to maintain occupancy at around 94% and our efforts in
improving the efficiency have allowed us to further increase our
margin to 88%, as well as increase net rental income by 14%.

"Atrium's strong cash position and low leverage, as well as its
portfolio of increasingly efficient income producing assets and the
value that is latent in its development pipeline allow me to look to
the future with confidence."

This announcement is a summary of, and should be read in conjunction
with, the full version of the Company's first quarter 2010 results
which 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.comor 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
--------------------------------------------------------------------------------

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