EANS-Adhoc

Atrium European Real Estate Limited / FIRST HALF 2016 RESULTS SHOW CONTINUED STEADY OPERATIONAL PROGRESS - Seite 2

register at 23 September 2016 with an ex-dividend date of 22
September 2016

Portfolio repositioning highlights during and after the period:

Redevelopments and extensions - In March 2016, the first extension in
stage one of the Atrium Promenada extension and redevelopment in
Warsaw, Poland, was completed - In May 2016, the Board of Directors
approved the second stage of Atrium Promenada which has an
estimated cost of EUR51m and comprises a remodelling and renovation
of an additional part of the shopping centre - The Board has also
approved in May the first phase of a 9,000 sqm GLA extension to
Atrium Targowek in Warsaw. This initial phase, which precedes
construction of the main extension, is expected to cost around EUR11m
and will comprise land assembly, project design and the
construction of additional parking

Acquisitions and sales - Completed the sale of a portfolio of ten
retail assets in the Czech Republic for a consideration of
EUR102.6m in February 2016, reflecting an 8% premium to fair value
prior to the receipt of initial offers - In April 2016, the Group
signed a framework agreement for the sale of a wholly owned
subsidiary which owns two land plots in Pushkino, Russia, for a
consideration of EUR10m - In May 2016, the Group acquired the 46.5%
co-ownership share of the Zilina Duben Shopping Centre in Slovakia
for a total consideration of EUR7m, giving it full ownership of the
asset - In June 2016, the Group completed the sale of three Polish
assets with a total lettable area of approximately 15,700 sqm for a
total consideration of EUR17.5m - In July 2016, the Group signed a
preliminary sale agreement for the sale of Atrium Azur in Latvia
for a total value of EUR12.5m. The sale is expected to be completed
in the fourth quarter of the year

Financing transactions - In March 2016, the Group completed the
voluntary repayment of a bank loan, in Poland, for a total amount
of EUR49.5m. 84% of the Group's standing investments are
unencumbered as at 30 June 2016 - During the period, Atrium
repurchased bonds issued in 2013 and 2014 and due in 2020 and 2022
with a total nominal value of EUR15.1m and EUR1.4m respectively -
As at 30 June 2016 Gross LTV and Net LTV were 32.4% and 26.1%
respectively. The Company remains conservatively leveraged and well
placed to support future redevelopments and growth opportunities
when they may arise

Commenting on the results, Josip Kardun, Group CEO, said: "During
the first half we continued with our portfolio repositioning strategy
and the progress we have made in this regard is reflected in the
positive performance across our overall portfolio excluding Russia.