EANS-Adhoc: Atrium European Real Estate Limited / ACQUISITION OF A 22,500M² LAND PLOT ADJACENT TO PROMENADA IN WARSAW AND E33.3 MILLION SALE OF NON CORE ASSETS IN TURKEY AND RUSSIA

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Company Information

02.02.2011

ACQUISITION OF A 22,500M² LAND PLOT ADJACENT TO PROMENADA IN WARSAW
E33.3 MILLION SALE OF NON CORE ASSETS IN TURKEY AND RUSSIA

Jersey, 2 February 2011. Atrium European Real Estate Limited
("Atrium" or the "Company") (VSE/Euronext: ATRS), one of the leading
real estate companies focused on shopping centre investment,
management and development in Central and Eastern Europe, announces
further progress in the implementation of its strategy to rationalise
its pipeline of developments and improve its portfolio with the
E10.7million acquisition of a 22,500 sqm land plot next to its
recently acquired Promenada Shopping Centre ("Promenada") in Warsaw
and the sale of a land plot in Samsun, Turkey, and of 422 apartments
in Ufa, Russia, for a total consideration of approximately
E33.3million.

WARSAW - PROMENADA Atrium has agreed to acquire the public ground
lease (Perpetual Usufruct until 2089) of a land plot adjacent to its
Promenada shopping centre in Warsaw, Poland from Pirelli Pekao Real
Estate for E10.7million (Polish z?oty 41.5 million). Atrium had
already planned to increase Promenada's retail offering by building
on the current site and the acquisition of this 22,500m² plot
provides Atrium with the potential to further extend those plans in
order to create additional value. The transaction is subject to a
number of conditions precedents, including the closing of the
acquisition of Promenada, as announced in December 2010, which is
expected in Q2 2011.

Promenada has a total gross lettable area ("GLA") of 53,840m²,
comprising 41,778m² of retail over three floors with 12,062m² of
offices. When Atrium announced the acquisition of Promenada, it
stated that it had already identified a number of value enhancing
initiatives including progressing the retail development potential of
the asset. This transaction represents a significant step forward in
that strategy.

SAMSUN Atrium has signed an agreement to sell its wholly owned
subsidiary company which owns a land plot in the city of Samsun on
the Black Sea Coast in Turkey, to Renaissance Development, one of the
main retail developers in Turkey for $25million (E18.3million). The
Transaction is expected to complete in the second half of 2011.

The sale price approximates Atrium's book value for the asset and was
implemented as the Samsun project no longer fits with Atrium's
development strategy for Eastern Turkey.

UFA Atrium has also completed the sale of 422 residential apartments
(21,820m²) in Ufa, Russia, to the municipality of Ufa for a total
consideration of approximately E15.0 million (Rub 606.5 million).
The construction of the apartments was completed in 2009 as part of
the Company's 2005 agreement with the municipality of Ufa. In return
for the construction of new residential apartments for the citizens
living on the plot at the time, Atrium was to obtain a lease
agreement to a land plot, on which it had planned to develop a
shopping centre.

The sale, which is financially neutral to the Company, allows Atrium
to divest this non-core and non-income producing asset.

Commenting on the transactions, Rachel Lavine, Chief Executive
Officer of Atrium, said: "When we acquired Promenada in December
last year we were clear that this was a great quality asset which not
only complemented our other Warsaw centres, Reduta and Targowek, but
had the potential for value enhancement through asset management and
development. To have acquired the land plot adjacent to Promenada so
soon after agreeing to buy the centre itself is real evidence of our
ability to identify opportunities and then react quickly to realise
them. I am now looking forward to continuing this momentum as we
enter the next stage of Atrium's growth.

"In addition, the sale of the two assets in Russia and Turkey allows
Atrium to divest itself of two legacy assets which do not fit with
Atrium's current investment and development strategy. Their sale is
neutral to the Company, it further rationalises Atrium's pipeline and
allows us to focus our resources on those sites and developments that
we believe have significant potential and better complement our
existing portfolio."

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