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Atrium European Real Estate Limited

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

  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.
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

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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