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Atrium European Real Estate Limited

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

  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.
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.
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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