Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
Termination of Agreements with Multi Investment

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17.12.2010

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

Termination of Agreements with Multi Investment

Jersey, 17 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 conditional purchase of 49.9% of the  shares  in  the  Forum  Koszalin  shopping centre ("Koszalin") in Poland currently owned Multi Investment BV ("Multi") and the sale of the Forum Trabzon shopping centre ("Trabzon") in   Turkey  to  Multi. These  transactions  form  part  of  a  Framework Settlement  Agreement    ("The Agreement") with Multi which  involves five  projects  in  Turkey,  Poland  and Bulgaria.  The transaction is  an  important  step  towards  achieving  Atrium's objective of ensuring all of its development contracts are managed in-house.

The Agreement Atrium and Multi have agreed to terminate their relationship on all  outstanding developments.    The  agreement   covers  five  projects  in  total  but    focuses primarily around Trabzon in Turkey and Koszalin in Poland, both of which  opened in 2008 and have been operating successfully since that time.  The   other  three projects are  located  in  Istanbul  and  Balcova,  in   Turkey,  and  Sofia,  in Bulgaria, all of which were put on hold at the end of  2008  subject  to  review due to the financial crisis.

The Agreement is subject to anti-trust approval which is expected in the  first half of 2011. In summary the Agreement comprises the following:

The sale of Forum Trabzon to Multi Atrium will sell 100% of its shares in the company that  owns  Trabzon  shopping centre to Multi at  a  price  which  values  the  business  at  EUR115.7 million. Trabzon opened in May 2008 and produced a net  rental  income   ("NRI") of  EUR5.7 million for the first nine months of 2010.     Atrium  focuses  its resources  on countries where it has a multitude of shopping centres and can achieve  greater synergies and economies of scale.

Acquisition of Multi´s remaining shares in Koszalin Atrium will acquire the remaining 49.9% of the shares in the company  that  owns Koszalin from Multi for a consideration of EUR7.4  million  and  will become the 100% owner of the shopping centre.  Koszalin opened   November  2008  and has  a gross lettable area of around 54,000 sqm. It is  anchored  by  a  10,000  sq  m Tesco and produced EUR6.7 million of NRI for the first nine months of 2010.    The transaction allows Atrium to further strengthen its position  in Poland,  where it has an existing portfolio of 18 income producing assets.

Acquisition of Multi´s remaining shares in three further development
projects Atrium will own 100% of all the other development projects  
it  has  with  Multi following the acquisition of Multi´s:  - 20%
stake in the  company  that  owns  the  Forum  Sofia  project  in  
Sofia,      Bulgaria;  - 20% stake in the  company  that  owns  the  
Balcova  Gayrimenkul  project  in      Turkey; and  - The Transfer of a
4% stake in the company that owns  the  Forum  TEM  project      in
Istanbul, Turkey.

Commenting on the transaction,  Rachel  Lavine,  CEO  of  Atrium  
European  Real Estate,  said:      "The  Agreement  we  have  announced
today  is  an  important achievement for Atrium and marks a
significant step in the process  of  bringing all  of  our  
outstanding  development  contracts  in  house.    The  transaction
provides Atrium with increased flexibility  and  strengthens  our  
platform  for future growth."

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.

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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



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