Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited

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

OF THE                                      PROMENADA SHOPPING CENTRE IN WARSAW

Jersey, 20 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 acquisition of the Promenada Shopping Centre ("Promenada" or  the  "Centre")  in Warsaw, Poland  for  EUR169.5 million  from  Carpathian PLC,  a    London listed commercial property investment company.    An  additional   EUR1.5 million will  be paid to Carpathian upon the successful recovery of Value Added Tax. Atrium  will finance the acquisition through a mixture of equity and debt.

Promenada, the number four shopping centre  in  Poland´s  capital,   is  a  prime supermarket anchored retail  poperty  based  in  the   Praga  Poludnie  district. Added  to  Atrium´s  Reduta  and  Targowek shopping  centres,  its  acquisition increases Atrium´s exposure to   the  tier  one  Warsaw  market  and  brings  the Company´s total number of income producing assets in Poland to 19.

Atrium  has  already  identified  a  number  of  value  enhancing     initiatives, including cost savings associated  with  internalising   the  management  of  the Centre, increasing income by applying market rents at lease  expiries,  as  well as progressing the development potential of the asset.

Promenada has a total  gross  lettable  area  ("GLA")  of  53,840m², comprising 41,778m² of retail across three floors below 12,062m² of   offices.    The  centre has an occupancy level of 93.99% by GLA.

Promenada is anchored by a 4,030m² Alma supermarket and a  6,600m²   Cinema-City. They are joined by a number of other  strong   international  and  Polish  retail brands including  Agent   Provocateur,  Bennetton,  LaCoste,  Electroworld,  H&M, Zara, Go Sport, Empik, Max Mara, Versace and Liu Jo.

Originally opened in 1996, Promenada is  located  on  Ostrobramska   Street,  the three lane main thoroughfare linking Warsaw city centre to its  wealthy  eastern district, and is well  served  by  public   transport.    It  is  the  only  major shopping centre in the north of the Vistula  River  in  Warsaw  and  is  in  the middle of a densely populated residential area.

The transaction is subject to the fulfilment  of  certain  conditions precedent which are expected to be finalised in Q1 2011.

Commenting on the acquisition,  Rachel  Lavine,  CEO  of  Atrium   European  Real Estate, said: "Today´s acquisition is an important one for Atrium.  It follows a period  where we have worked hard to stabilise Atrium and marks the start of the  next  phase in our strategy for the Company by  building  on  the  solid platform  we   have created in order to achieve growth.

"Promenada is a prominent, well-located asset  situated  in  an   affluent  urban residential area in the capital city of Poland which houses strong  tenants  and provides good income. I am very  excited by  the  acquisition  and  am  looking forward to implementing  a   number  of  value  enhancing  asset  management  and development initiatives that we have already identified. I believe  it  will  be an excellent complement to our Reduta and Targowek shopping  centres in  Warsaw and to our Polish portfolio as a whole."

More information about Atrium European Real Estate  Ltd  can  be   found  on  the Atrium page of the Vienna Börse website at and on  the Company´s page of the Euronext Amsterdam website,  or  on  the Company´s website at

For further information:

Financial Dynamics:                                                              +44 (0)20
7831 3113 Richard Sunderland Laurence Jones Will Henderson

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

Branche: Real Estate
ISIN:      JE00B3DCF752
Index:    Standard Market Continuous
Börsen:  Wien / official market

Weitere Meldungen: Atrium European Real Estate Limited

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