Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited

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quarterly or semiannual financial statement/3-month report

Atrium European Real Estate Limited


Ad hoc announcement - Jersey, 16 May 2014. 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 first quarter and three month period ended 31 March 2014.


* Gross rental income ("GRI") increased by 4.4% to EUR52.8m (3M 2013: 
  EUR50.6m), with an increase in EPRA like-for-like GRI of 1.0% to EUR48.5m (3M 
  2013: EUR48.0m)

* Net rental income ("NRI") increased by 8.0% to EUR51.0m (3M 2013: EUR47.2m), 
  with an increase in EPRA like-for-like NRI of 2.6% to EUR46.9m (3M 2013: 

* Operating margin for the three month period was 96.6% (3M 2013: 93.4%) which 
  is above our expected full year target.

* EPRA occupancy rates at 31 March 2014 remained high at 97.8% (31 December 
  2013: 98.1%)

* EBITDA, excluding revaluation and disposals, increased by 11.7% to EUR44.7m 
  (3M 2013:EUR40.0m)

* A EUR3.8m growth in NRI and the positive effect of foreign exchange 
  differences of EUR9.3m (compared to a EUR7.9m loss in the first three months 
  of 2013) were offset by a EUR16 million devaluation, which stems mainly from 
  the non-core land plot in Turkey we sold in April. This together resulted in 
  a profit before taxation of EUR27.9m compared to EUR33.0m for the first three 
  months of 2013. 

* Company adjusted EPRA earnings per share increased by 4.4% to 9.4 EURcents 
  (3M 2013: 9.0EURcents).

* The value of the Group's 153 standing investments grew by 4.9% to EUR2.5 
  billion, compared to 31 December 2013, and includes the Group's first major 
  development, the Atrium Felicity shopping centre in Lublin, Poland, which 
  opened in March 2014.

* Cash position of EUR294.4m with borrowings of EUR802.5m as at 31 March 2014 
  (FY 2013: EUR803.6m), representing a gross and net LTV of 27.2% and 17.2% 

* EPRA Net asset value ("NAV") per ordinary share remained constant at EUR6.43 
  (FY 2013: EUR6.43) after distributing dividends of EUR0.06 per share.

* A dividend payment of EUR0.06 per share was made for the first quarter of 
  2014, with the second quarterly payment due on 30 June 2014 to shareholders 
  on the register at 23 June 2014 with an ex-dividend date of 18 June 2014.

Operational Highlights:

* The Atrium Felicity shopping centre in Lublin, Poland, opened in March 2014. 
  The 75,000 sqm GLA centre is almost fully occupied and  is anchored by a 
  20,000 sqm hyper market which was handed to Auchan in October 2013, a 12,600 
  sqm Leroy Merlin DIY store and a 3,500 sqm Saturn electronics store

* Completed the sale of a land plot in Istanbul for a consideration of EUR47.0m 
  in April 2014

* Following the re-purchase of EUR20.5m nominal value of its 2005 bonds (due in 
  2015) in April 2014, Atrium acquired a further EUR11.9m.

Group executive management team changes 

On 27 January 2014 Atrium announced the appointment of Josip Kardun, who joined
Atrium's Group Executive Management Team as Chief Operating Officer in February
2014. Mr Kardun, who also acts as Deputy Chief Executive Officer, joined Atrium
from European retail property specialists, ECE Projekt management GmbH & Co KG,
where he worked for seven years in a number of senior positions, most recently
as its Chief Investment Officer and Head of Mergers & Acquisitions and
Transaction Management Group.

Commenting on the results, Rachel Lavine, CEO of Atrium European Real Estate,

"Our core markets continue to experience economic improvement which was
reflected in the IMF's decision to upgrade its forecasts for 2014 for all of our
main markets, with the exception of Russia, due to the uncertain situation in
Ukraine where we will continue to monitor how events unfold very closely.

"During the first quarter 2014 we have maintained the positive momentum built up
during 2013. In addition to the continued attention to the careful asset
management of our portfolio, since the start of the year we successfully opened
our flagship shopping centre, Atrium Felicity, in Lublin, and progressed our
strategy to dispose of non-core assets, both of which have allowed us to achieve
our aim of reducing our weighting towards development - which now accounts for
less than 15% ofthe total real estate portfolio.This, together with the bond buy
backs, marks further progress in our goal of improving the efficiency of our
balance sheet."

This announcement is a summary of, and should be read in conjunction with the
full version of the Group's Q1 2014 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

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


Ljudmila Popova                              

Press & Shareholders:

FTI Consulting Inc                                       +44 (0)20 3727 1000

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:
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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