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Atrium European Real Estate Limited / Nine months 2019 trading update - ATTACHMENT

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St Helier Jersey / Channel Islands -
Nine months 2019 trading update

Continued portfolio growth in Warsaw and Prague

Jersey, 7 November 2019, Atrium European Real Estate Limited (VSE/Euronext:
ATRS), (the "Company" and together with its subsidiaries, the "Atrium Group" or
the "Group"), a leading owner, operator and redeveloper of shopping centres and
retail real estate in Central Europe, provides an update on trading for the nine
months ended 30 September 2019.

KEY FINANCIAL FIGURES FOR THE PERIOD


9M 2019 9M 2018 CHANGE
EURm EURm
Net rental income 106.7 104.7 1.9%
excl. Russia
EPRA Like-for-Like
net rental income 45.0 44.3 1.6%
excl. Russia
Net rental income 133.4 135.0 (1.2%)
EPRA Like-for-Like 61.4 61.2 0.3%
net rental income
EBITDA(1) 116.8 118.3 (1.3%)
Company adj. EPRA
earnings per share 21.3 22.4 (4.7%)
(in EURcents)
Net LTV (in %) 33.5 31.3


Highlights


* Continued momentum in implementing the Group's strategy focusing on prime
shopping centres in Warsaw and Prague:

o In July 2019, the Company completed the sale of two Polish shopping centres
for EUR298m, at around 3% above book value, and reached an agreement for the
EUR37m sale of Atrium Duben in Zilina, Slovakia at book value
o Acquisition in June of King Cross, Atrium's fifth Warsaw shopping centre,
for EUR43m. King Cross is a well-connected and established centre with a
diverse tenant mix and future redevelopment opportunities

* 1.6% growth in EPRA like-for-like net rental income ("NRI") excluding Russia,
or 0.3% growth across the whole portfolio
* NRI broadly flat as pick up from acquisitions and completed redevelopments in
Warsaw offset disposals
* Strong occupancy and operating margin of 95.9% and 94.6%, respectively
* EBITDA(1) and EBITDA margin remained stable at EUR117m and 88% respectively
(EUR118m and 88% in 9M 2018)
* Company adjusted EPRA earnings per share was 21.3 EURcents, 4.7% lower than in
the comparable period mainly following the reduction in revenue resulting from
asset disposals
* Significant liquidity to support growth with a 33.5% net LTV as at 30
September 2019 and EUR300m unutilized revolver credit facility
* Further to its announcement of 23 July, in connection with the recommended
cash acquisition to be implemented by means of a court sanctioned scheme of