Atrium European Real Estate Limited / other / CLOSING OF EQUITY FUND RAISING AND RELATED ARRANGEMENTS

(premiumpresse) - 30.01.2009 12:44euro adhoc:

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30.01.2009

CLOSING OF EQUITY FUND RAISING AND RELATED ARRANGEMENTS

Jersey, January 30, 2009: Atrium European Real Estate Limited (Atrium or the
Company) (ATX: ATR), one of the leading real estate companies focused on
shopping centre investment management and development in Central and Eastern
Europe, announces that it has closed the new equity fund raising and related
arrangements with Citi Property Investors and its investors (CPI) and Gazit-
Globe Limited (Gazit and, together, the Investors).

This equity fund raising raised EUR 72.1 million of new equity which, together
with the related arrangements, reduces the Companys aggregate indebtedness by
approximately EUR 175 million in principal amount and reduces the equity
overhang of the outstanding warrants to subscribe for the Companys shares from
30 million to approximately 5 million.

The Company issued 10,300,000 new ordinary shares to the Investors in aggregate
at a price of EUR 7 per share. CPI acquired 4,738,000 shares and Gazit
acquired 5,562,000 shares. The subscription price was paid by the transfer to
the Company of convertible bonds in an aggregate principal amount of EUR
72,100,000. The voting rights attaching to the Companys special voting shares
have been reduced proportionately to reflect the reduction in the outstanding
aggregate principal amount of convertible bonds held by the Investors to EUR
427,900,000.

In addition, the Investors delivered 25,066,667 existing warrants to subscribe
for ordinary shares (out of a total of 30 million such warrants issued to the
Investors on August 1, 2008) to the Company. These 25,066,667 warrants have
been cancelled for nil consideration.

The Company has also acquired from Gazit approximately EUR 103 million in
principal amount of the Companys 2006 listed medium term notes (ISIN
XS0263871328). The notes were acquired by the Company for a cash amount equal
to the aggregate of the prices paid for them in the open market (including
dealing costs) by Gazit (which in aggregate was EUR 77.26 million) plus accrued
interest on the notes to the date of purchase by the Company.

As a result of the subscription for the new shares and transfer of the
convertible securities, the Investors and their affiliates are in aggregate
interested in securities of the Company carrying 28.46 per cent. of the
Companys outstanding voting rights.

For further information:

Financial Dynamics: 44 (0)20 7831 3113
Richard Sunderland
Stephanie Highett
Laurence Jones
Richard.sunderlandfd.com


end of announcement euro adhoc
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January 30, 2009 07:44 ET (12:44 GMT)