Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited

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quarterly or semiannual financial statement/quarterly report

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

                      -INCREASE IN DIVIDEND APPROVED-
                           -DIRECTORATE CHANGE-

Ad hoc announcement - Jersey, 12 November 2013. Atrium European Real Estate
Limited (VSE/Euronext:ATRS), a leading owner, operator and developer of retail
real estate and shopping centres in Central and Eastern Europe, announces its
results for the third quarter and nine month period ended 30 September 2013.

* Gross rental income ("GRI") increased by 4.7% to EUR151.4m 
  (9M 2012: EUR144.6m), with an increase in EPRA like-for-like GRI of 3.6% to
  EUR148.0m (9M 2012: EUR142.9m)
* Net rental income ("NRI") increased by 4.0% to EUR143.0m (9M 2012: EUR137.5m),
  with an increase in EPRA like-for-like NRI of 3.7% to EUR140.2m 
  (9M 2012: EUR135.2m)
* Operating margin for the nine month period was 94.5% (9M 2012: 95.1%) which is
  at the higher end of the management's targeted range
* EPRA occupancy rates remained stable at 98.1%
* EBITDA, excluding revaluation, disposals and impairments, increased by 7.0% to
  EUR121.1m (9M2012:EUR113.2m)
* Profit before taxation was EUR96.3m, compared to EUR120.4m for the first nine
  months of 2012, with the change caused by a EUR15.4m higher revaluation in the
  corresponding period last year, EUR6.7m lower result on foreign exchange
  differences and higher interest expense of EUR5.7m in current period, offset
  by the EUR5.5m growth in NRI
* Company adjusted EPRA earnings per share increased by 1.6% to 25.6EURcents
* EPRA Net asset value ("NAV") per ordinary share increased by 1.7% since the
  beginning of the year to EUR6.54 (FY 2012: EUR6.43) after distributing
  dividends of EUR0.15 per share  
* The value of the Group's 156 standing investment properties grew by 8.4% to
  EUR2.4 billion, compared to 31 December 2012, which includes the recently
  acquired prime shopping centre Galeria Dominikanska 
* Cash position of EUR331.0m with borrowings of EUR836.1m as at 30 September
  2013 (FY 2012:EUR537.1m) representing a gross and net LTV of 28.1% and 17.0%
* The Board has approved an increase in the dividend for the fourth quarter of
  2013 to EUR0.06 per share implying EUR0.21 per share for the full year 2013. 
* For 2014, the Board has also approved a 14% increase in the dividend to at
  least EUR0.24 per share
* The fourth and final quarterly dividend payment of EUR0.06 per share will be
  paid as a capital repayment on 30 December 2013 to shareholders on the
  register on 23 December 2013, with an ex-dividend date of 19 December 2013

Operational Highlights
* Completion of the EUR151.7 million acquisition of Galeria Dominikanska, a
  prime shopping centre centrally located in the dominant shopping area of
  Wroclaw, the fourth largest city in Poland
* EUR350 million successfully raised in April through the placing of a 3.7 times
  over-subscribed unsecured seven year Eurobond bearing a 4.0% fixed coupon 
* Continued progress made at the Atrium Felicity development in Lublin, Poland,
  with the project now 92.4% pre-let at an average lease length of approximately
  six years, and on target to open in March 2014
* Construction works have commenced on the extension of the Group's shopping
  centre in Torun. The extension is 65% pre-let and will add an additional
  17,300 sqm of GLA as well as 640 additional parking spaces to the centre by
  late 2014.

Directorate Change
Atrium also announces the appointment of Roger Orf to its Board as a
non-executive director with immediate effect, following the retirement from the
Board of Dipak Rastogi. Mr. Orf, who is a partner at Apollo Global Management
("Apollo") and head of its real estate business in Europe, will be one of 
Apollo's appointed directors on the Atrium Board.

Commenting on the results, Rachel Lavine, CEO of Atrium European Real Estate,
said:  "Our performance over the first nine months of 2013, during which we
delivered continued growth in gross and net like-for-like income, further
strengthens our belief in our ability to produce strong and sustainable levels
of rental income and cash flow. Although we are aware that there are still
economic issues to contend with both in our own regions of operation and in the
euro zone, we nevertheless can see the first signs that the economies have
finally started to grow.  Our strong operating results, together with the
ongoing improvement in the economies in which we operate, have given the Board
the confidence to increase the Company's annual dividend for the fourth year

Chaim Katzman, Chairman of Atrium European Real Estate, added: "Roger Orf is one
of the most prominent and successful investors in the European real estate
sector and it is a great honour to welcome him to the Atrium Board. I have no
doubt that he will make a great contribution to the business, and very much look
forward to working with him to position the business for continued growth.

"I would also like to thank Dipak Rastogi for his significant service to Atrium
during his time as a non-executive director of the Group. His advice and wise
counsel were always appreciated and the business benefitted greatly from the
wealth of his experience. I wish him well as he retires from the Board."

This announcement is a summary of, and should be read in conjunction with the
full version of the Group's Q3 2013 results, which can be found on the Atrium
page of the Vienna Börse website at and on the Group's
page of the Euronext Amsterdam website, or on the Group's
website at

About Roger Orf
Mr. Orf, who is a partner at Apollo Global Management ("Apollo") and head of its
real estate business in Europe, will be one of Apollo's appointed directors on
the Atrium Board.

Mr. Orf oversees all property investments and fund raising activities on behalf
of Apollo's real estate funds throughout Europe. Prior to joining Apollo in
2010, Mr. Orf spent the majority of his career investing in the European real
estate markets on behalf of Citigroup, Lone Star, for his own account and at
Goldman Sachs. In his last four years at Goldman Sachs, Mr. Orf headed the
European Real Estate Department and was a member of the European Investment
Banking Operating Committee. Mr. Orf is a Founder of E- Shelter GmbH, a German
based data centre business. 

He is a member of the University Of Chicago Graduate School Of Business Global
Advisory Board and the Visiting Committee for the University of Chicago Law
School. Mr. Orf holds J.D. and M.B.A. degrees from the University of Chicago, as
well as a B.A. in Economics (magna cum laude) and Phi Beta Kappa from Georgetown

Further information can be found on Atrium's website or from:

Ljudmila Popova                                                   

Press & Shareholders:
FTI Consulting Inc                                                              
    +44 (0)20 7831 3113
Richard Sunderland

Will Henderson
Nick Taylor
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.

Further inquiry note:
For further information:
FTI Consulting Inc.:
+44 (0)20 7831 3113
Richard Sunderland
Will Henderson

end of announcement                               euro adhoc 

issuer:      Atrium European Real Estate Limited
             Seaton Place 11-15
             UK-JE4 0QH  St Helier Jersey / Channel Islands 
phone:       +44 (0)20 7831 3113
sector:      Real Estate
ISIN:        JE00B3DCF752
indexes:     Standard Market Continuous
stockmarkets: official market: Wien 
language:   English

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