Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited

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Jersey, 5 June 2009.  Atrium European Real Estate ("Atrium"  or  the
"Company") (ATX: ATR), one of the leading real estate companies
focused on shopping  centre investment, management and  development  
in  Central  and  Eastern  Europe,  has received a letter, dated 2
June 2009,  from  Citicorp  Trustee  Company  Limited ("Citicorp"),
as the trustee of notes  issued  under  the  Company's  guaranteed
medium term note programme 2006 (ISIN XS0263871328).  The  letter  
alleges  that the buy-back of certificates undertaken by the
Company's previous management  in mid-2007, when it traded as Meinl
European Land, was in  breach  of  Jersey  law and, as such, Citicorp
has determined that a condition constituting an event  of default of
the medium  term  notes  has  occurred  which  Citicorp  has  further
determined is materially prejudicial to the note holders.  The  
letter  goes  on to say that Citicorp reserves its  rights in respect
thereof.  The  letter  does not contain  notice  of  acceleration  of
the  notes.      No  documentation  was provided to support the
allegations in the letter.

The Company strongly disagrees with and rejects Citicorp's   determination.    The letter comes more than a year after prior correspondence  of  substance  between Citicorp and the Company in relation to this matter, which has  previously  been disclosed.  In the course of this prior dialogue the Company made  its  position fully clear to the trustee, being  that  (based  on  the  legal   advice  it  has received from leading counsel on the legality of the buy-back  of  certificates) there has been no such breach of the terms of the notes and that even  if  there was such breach (which is denied) it was  not  materially  prejudicial  to  note holders.  The Company continues to hold  this  view,  and  accordingly  will  be taking all steps necessary to uphold its position and has reserved its  rights.

The Company does not intend to make any  further  announcement  in   relation  to this matter unless (in the view of the Company) there is a  material  change  in circumstances.


For further information:

Financial Dynamics:        +44 (0)20 7831 3113
Richard Sunderland
Stephanie Highett
Laurence Jones

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ots Originaltext: Atrium European Real Estate Limited
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Further inquiry note:
Financial Dynamics:        +44 (0)20 7831 3113                                                  
Richard Sunderland                                                                                          
Stephanie Highett                                                                                          
Laurence Jones                                                                               

Branche: Real Estate
ISIN:      AT0000660659
WKN:        066065
Index:    Standard Market Continous
Börsen:  Wien / official market

Weitere Meldungen: Atrium European Real Estate Limited

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