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18.10.2021 – 07:01

Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
Atrium?s Independent Committee and Gazit Globe announce proposed merger for ?3.63 per Atrium share in cash - ATTACHMENT

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  Disclosed inside information pursuant to article 17 Market Abuse Regulation
  (MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
  The issuer is responsible for the content of this announcement.
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Company Information/Mergers - Acquisitions - Takeovers
17.10.2021

St Helier Jersey / Channel Islands -
  Atrium's Independent Committee and Gazit Globe announce proposed merger for
                        EUR3.63 per Atrium share in cash

Ad hoc announcement - Jersey, 18 October 2021, Atrium European Real Estate
Limited (VSE/ Euronext: ATRS) ("Atrium" or the "Company" and together with its
subsidiaries, the "Group"), a leading owner, operator and redeveloper of
shopping centres and retail real estate in Central Europe, announces that the
Independent Committee of the Board of Directors (the "Independent Committee") of
Atrium and the board of directors of Gazit Hercules 2020 Limited ("Newco"),
which is an indirect wholly-owned subsidiary of Gazit-Globe Ltd ("Gazit"), have
signed a definitive merger agreement for a recommended cash acquisition (the
"Acquisition") of the entire issued and to be issued ordinary share capital of
Atrium that is not already owned directly or indirectly by Gazit or its
affiliates for cash at a price of EUR3.63 per Atrium share (the "Offer Price"),
including a payment in the amount of EUR3.03 per share in cash paid by Gazit and
EUR0.60 per share by way of a cash dividend paid by the Company (the "Special
Dividend").

In addition to the increase of the Offer Price, the Independent Committee has
also negotiated that Atrium shareholders are entitled to receive the pro-rata
funds from operations less maintenance capital expenditure generated between the
date of the last dividend payment and completion of the Acquisition (the
"AFFO"). Shareholders will receive both the Offer Price and the AFFO.

The Acquisition is to be implemented by means of a statutory merger between the
Company and Newco under Part 18B of the Companies (Jersey) Law 1991, as amended
(the "Merger").

The Offer Price reflects an increase of EUR0.28 per share or 8.4% compared to
the initial proposal of Gazit of EUR3.35 per share submitted on 2 August 2021
(the "Initial Proposal") as well as the inclusion of additional dividends
payable up to closing, reflective of AFFO. The Offer Price also implies a 23.9%
premium to the unaffected share price as of 30 July 2021 (EUR2.93 per share), a
22.3% premium to the 30-day volume weighted average price (VWAP) to 30 July 2021
(EUR2.97 per share) and a 23.9% premium to the 90-day VWAP to 30 July 2021
(EUR2.93 per share), being the last trading day prior to announcement of the
Initial Proposal.

The Offer Price is to be paid in cash. Prior to the effective date of the
Merger, the Company expects to pay the Special Dividend to all holders of Atrium
shares on the Special Dividend Record Date of EUR0.60 per Atrium Share in
connection with the Merger, provided the Merger is approved by Atrium
shareholders at the EGM (as defined below). The Offer Price payable by Newco
will be reduced by such Special Dividend.

The Independent Committee has received a fairness opinion from UBS AG London
Branch as to the financial terms of the Merger, subject to the terms and
conditions set out therein. Having taken into account the advice received, the
Independent Committee unanimously recommends that Atrium shareholders vote in
favour of the Merger.

Full details of the Merger, including terms and conditions to the implementation
of the Merger, will be set out in a shareholder circular which is expected to be
published by the Company within 4 weeks of this announcement ("Shareholder
Circular").

The Shareholder Circular shall include an expected timetable of principal events
in relation to the Merger and a notice of meeting in respect of an extraordinary
general meeting of shareholders ("EGM") which is expected to take place in
December 2021. The EGM is required to enable Atrium shareholders to consider,
and if thought fit, vote in favour of the resolution to approve the Merger
(amongst other ancillary matters). Subject to the conditions of the merger being
met, including receiving support of the majority of the minority (i.e excluding
Gazit and its affiliates) of Atrium shareholders that vote at the EGM, the
transaction is expected to close in early 2022.

The shares of the Company are currently listed and admitted to trading on the
Amsterdam Stock Exchange and the Vienna Stock Exchange and will be delisted from
both stock exchanges after the effective date of the Merger.

A more detailed announcement will be published and made available on the
Company's website shortly after this announcement.

Further information:
Doron Lavi Segelson: dlavi@aere.com

Press & Shareholders:
FTI Consulting Inc.: +44 (0)20 3727 1000
Richard Sunderland/Claire Turvey/Ellie Sweeney/Andrew Davis:
scatrium@fticonsulting.com [scatrium@fticonsulting.com]

About Atrium European Real Estate
Atrium is a leading owner, operator and redeveloper of shopping centres and
retail real estate in Central Europe. Atrium specializes in locally dominant
food, fashion and entertainment shopping centres in the best urban locations.
Atrium owns 26 properties with a total gross leasable area of over 809,000 sqm
and with a total market value of approximately EUR2.5 billion. These properties
are located in Poland, the Czech Republic, Slovakia and Russia, and with the
exception of one, are all managed by Atrium's internal team of retail real
estate professionals. In February 2020 Atrium announced a strategy to diversify
its portfolio by investing in and managing residential for rent real estate,
with a primary focus on Warsaw.

The Company is established as a closed-end investment company incorporated and
domiciled in Jersey and regulated by the Jersey Financial Services Commission as
a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange
and the Euronext Amsterdam Stock Exchange. Appropriate professional advice
should be sought in the case of any uncertainty as to the scope of the
regulatory requirements that apply by reason of the above regulation and
listings. 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 3727 1000
Richard Sunderland
Claire Turvey
Richard.sunderland@fticonsulting.com

end of announcement                         euro adhoc
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Attachments with Announcement:
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http://resources.euroadhoc.com/documents/279/0/10800413/1/21_10_18_AERE_Merger_Agreement_ad_hoc_announcement_FINAL.pdf
issuer:       Atrium European Real Estate Limited
              Seaton Place 11-15
              UK-JE4 0QH  St Helier Jersey / Channel Islands
phone:        +44 (0)20 7831 3113
FAX:
mail:      richard.sunderland@fticonsulting.com
WWW:       http://www.aere.com
ISIN:         JE00B3DCF752
indexes:
stockmarkets: Wien, Luxembourg Stock Exchange
language:     English

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