EANS-Adhoc: Atrium European Real Estate Limited / ATRIUM STRENGTHENS POLISH PORTFOLIO WITH EUR169.5 MILLION ACQUISITION OF THE PROMENADA SHOPPING CENTRE IN WARSAW

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20.12.2010

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

ATRIUM STRENGTHENS POLISH PORTFOLIO WITH EUR169.5 MILLION ACQUISITION
OF THE PROMENADA SHOPPING CENTRE IN WARSAW

Jersey, 20 December 2010. Atrium European Real Estate (VSE /
Euronext: ATRS), one of the leading real estate companies focused on
shopping centre investment, management and development in
Central and Eastern Europe, announces the acquisition of the
Promenada Shopping Centre ("Promenada" or the "Centre") in Warsaw,
Poland for EUR169.5 million from Carpathian PLC, a London
listed commercial property investment company. An additional
EUR1.5 million will be paid to Carpathian upon the successful
recovery of Value Added Tax. Atrium will finance the acquisition
through a mixture of equity and debt.

Promenada, the number four shopping centre in Poland´s capital,
is a prime supermarket anchored retail poperty based in the
Praga Poludnie district. Added to Atrium´s Reduta and Targowek
shopping centres, its acquisition increases Atrium´s exposure to
the tier one Warsaw market and brings the Company´s total
number of income producing assets in Poland to 19.

Atrium has already identified a number of value enhancing
initiatives, including cost savings associated with internalising
the management of the Centre, increasing income by applying market
rents at lease expiries, as well as progressing the development
potential of the asset.

Promenada has a total gross lettable area ("GLA") of 53,840m²,
comprising 41,778m² of retail across three floors below 12,062m² of
offices. The centre has an occupancy level of 93.99% by GLA.

Promenada is anchored by a 4,030m² Alma supermarket and a 6,600m²
Cinema-City. They are joined by a number of other strong
international and Polish retail brands including Agent
Provocateur, Bennetton, LaCoste, Electroworld, H&M, Zara, Go
Sport, Empik, Max Mara, Versace and Liu Jo.

Originally opened in 1996, Promenada is located on Ostrobramska
Street, the three lane main thoroughfare linking Warsaw city centre
to its wealthy eastern district, and is well served by public
transport. It is the only major shopping centre in the north of
the Vistula River in Warsaw and is in the middle of a densely
populated residential area.

The transaction is subject to the fulfilment of certain conditions
precedent which are expected to be finalised in Q1 2011.

Commenting on the acquisition, Rachel Lavine, CEO of Atrium
European Real Estate, said: "Today´s acquisition is an important one
for Atrium. It follows a period where we have worked hard to
stabilise Atrium and marks the start of the next phase in our
strategy for the Company by building on the solid platform we
have created in order to achieve growth.

"Promenada is a prominent, well-located asset situated in an
affluent urban residential area in the capital city of Poland which
houses strong tenants and provides good income. I am very excited
by the acquisition and am looking forward to implementing a
number of value enhancing asset management and development
initiatives that we have already identified. I believe it will be
an excellent complement to our Reduta and Targowek shopping centres
in Warsaw and to our Polish portfolio as a whole."

More information about Atrium European Real Estate Ltd 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 Will Henderson
Richard.sunderland@fd.com

This press release appears as a matter of record only and does not
constitute an offer to sell or a solicitation of an offer to purchase
any security.

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. The Dutch
and Austrian paying agent of Atrium is Kempen & Co. N.V.,
Beethovenstraat 300, 1077 WZ Amsterdam, the Netherlands.

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 Continuous
Börsen: Wien / official market