Announcement Re Investment Manager

20 January 2011

 Announcement re Investment Manager

The Board of Invista European Real Estate Trust SICAF (the Company) has been in discussions with Invista Real Estate Investment Management Holdings PLC (Invista) since Invista's announcement on 12 October 2010 that it intended to realise the value of its asset management subsidiary, Invista Real Estate Investment Management Limited (IREIM), which is the Company's manager.

The Company is in exclusive negotiations to acquire, jointly with Invista Foundation Property Trust Limited and IREIM's management, the business of IREIM from Invista. The IREIM management team is led by Duncan Owen, who continues to be CEO of IREIM after stepping down from the Board of Invista today, and the other senior team members are Nick Montgomery, Tony Smedley, Chris Ludlam and Melinda Knatchbull. 

While the commercial terms of the transaction have been agreed in principle, legal contracts have not yet been signed and regulatory approvals have not yet been obtained. It is expected that the Company's share of the consideration for the proposed acquisition will be funded from existing cash resources.

Further announcements will be made when developments occur that are material to the Company's shareholders.

The Announcement will shortly be available to view on the Company's website (www.ieret.eu).

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