EANS-Adhoc: Atrium European Real Estate Limited

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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quarterly or semiannual financial statement/quarterly report
12.11.2013

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

THIRD QUARTER 2013 RESULTS SHOW CONTINUED STRONG PERFORMANCE
-INCREASE IN DIVIDEND APPROVED-
-DIRECTORATE CHANGE-

Ad hoc announcement - Jersey, 12 November 2013. 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 third quarter and nine
month period ended 30 September 2013.

Highlights: * Gross rental income ("GRI") increased by 4.7% to
EUR151.4m (9M 2012: EUR144.6m), with an increase in EPRA
like-for-like GRI of 3.6% to EUR148.0m (9M 2012: EUR142.9m) * Net
rental income ("NRI") increased by 4.0% to EUR143.0m (9M 2012:
EUR137.5m), with an increase in EPRA like-for-like NRI of 3.7% to
EUR140.2m (9M 2012: EUR135.2m) * Operating margin for the nine
month period was 94.5% (9M 2012: 95.1%) which is at the higher end
of the management's targeted range * EPRA occupancy rates remained
stable at 98.1% * EBITDA, excluding revaluation, disposals and
impairments, increased by 7.0% to EUR121.1m (9M2012:EUR113.2m) *
Profit before taxation was EUR96.3m, compared to EUR120.4m for the
first nine months of 2012, with the change caused by a EUR15.4m
higher revaluation in the corresponding period last year, EUR6.7m
lower result on foreign exchange differences and higher interest
expense of EUR5.7m in current period, offset by the EUR5.5m growth
in NRI * Company adjusted EPRA earnings per share increased by 1.6%
to 25.6EURcents (9M2012:25.2EURcents) * EPRA Net asset value
("NAV") per ordinary share increased by 1.7% since the beginning of
the year to EUR6.54 (FY 2012: EUR6.43) after distributing dividends
of EUR0.15 per share * The value of the Group's 156 standing
investment properties grew by 8.4% to EUR2.4 billion, compared to
31 December 2012, which includes the recently acquired prime
shopping centre Galeria Dominikanska * Cash position of EUR331.0m
with borrowings of EUR836.1m as at 30 September 2013 (FY
2012:EUR537.1m) representing a gross and net LTV of 28.1% and 17.0%
respectively * The Board has approved an increase in the dividend for
the fourth quarter of 2013 to EUR0.06 per share implying EUR0.21
per share for the full year 2013. * For 2014, the Board has also
approved a 14% increase in the dividend to at least EUR0.24 per
share * The fourth and final quarterly dividend payment of EUR0.06
per share will be paid as a capital repayment on 30 December 2013
to shareholders on the register on 23 December 2013, with an
ex-dividend date of 19 December 2013

Operational Highlights * Completion of the EUR151.7 million
acquisition of Galeria Dominikanska, a prime shopping centre
centrally located in the dominant shopping area of Wroclaw, the
fourth largest city in Poland * EUR350 million successfully raised in
April through the placing of a 3.7 times over-subscribed unsecured
seven year Eurobond bearing a 4.0% fixed coupon * Continued progress
made at the Atrium Felicity development in Lublin, Poland, with the
project now 92.4% pre-let at an average lease length of approximately
six years, and on target to open in March 2014 * Construction works
have commenced on the extension of the Group's shopping centre in
Torun. The extension is 65% pre-let and will add an additional
17,300 sqm of GLA as well as 640 additional parking spaces to the
centre by late 2014.

Directorate Change Atrium also announces the appointment of Roger Orf
to its Board as a non-executive director with immediate effect,
following the retirement from the Board of Dipak Rastogi. Mr. Orf,
who is a partner at Apollo Global Management ("Apollo") and head of
its real estate business in Europe, will be one of Apollo's appointed
directors on the Atrium Board.

Commenting on the results, Rachel Lavine, CEO of Atrium European Real
Estate, said: "Our performance over the first nine months of 2013,
during which we delivered continued growth in gross and net
like-for-like income, further strengthens our belief in our ability
to produce strong and sustainable levels of rental income and cash
flow. Although we are aware that there are still economic issues to
contend with both in our own regions of operation and in the euro
zone, we nevertheless can see the first signs that the economies have
finally started to grow. Our strong operating results, together with
the ongoing improvement in the economies in which we operate, have
given the Board the confidence to increase the Company's annual
dividend for the fourth year running."

Chaim Katzman, Chairman of Atrium European Real Estate, added: "Roger
Orf is one of the most prominent and successful investors in the
European real estate sector and it is a great honour to welcome him
to the Atrium Board. I have no doubt that he will make a great
contribution to the business, and very much look forward to working
with him to position the business for continued growth.

"I would also like to thank Dipak Rastogi for his significant service
to Atrium during his time as a non-executive director of the Group.
His advice and wise counsel were always appreciated and the business
benefitted greatly from the wealth of his experience. I wish him well
as he retires from the Board."

This announcement is a summary of, and should be read in conjunction
with the full version of the Group's Q3 2013 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.

About Roger Orf Mr. Orf, who is a partner at Apollo Global Management
("Apollo") and head of its real estate business in Europe, will be
one of Apollo's appointed directors on the Atrium Board.

Mr. Orf oversees all property investments and fund raising activities
on behalf of Apollo's real estate funds throughout Europe. Prior to
joining Apollo in 2010, Mr. Orf spent the majority of his career
investing in the European real estate markets on behalf of Citigroup,
Lone Star, for his own account and at Goldman Sachs. In his last four
years at Goldman Sachs, Mr. Orf headed the European Real Estate
Department and was a member of the European Investment Banking
Operating Committee. Mr. Orf is a Founder of E- Shelter GmbH, a
German based data centre business.

He is a member of the University Of Chicago Graduate School Of
Business Global Advisory Board and the Visiting Committee for the
University of Chicago Law School. Mr. Orf holds J.D. and M.B.A.
degrees from the University of Chicago, as well as a B.A. in
Economics (magna cum laude) and Phi Beta Kappa from Georgetown
University.

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 7831 3113
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:
For further information:
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