Board Changes

1 October 2012

INVISTA EUROPEAN REAL ESTATE TRUST SICAF

("IERET" or "the Company")

Board Changes

The Board of IERET is pleased to announce that it has appointed Mr. William Scott as a director of the Company with effect from 28 September 2012. Mr. Scott is the chairman of PSource Structured Debt Limited and a director of Acencia Debt Strategies Limited, both premium London listed investment companies, as well as chairman or director of a number of other public and private companies. He is a chartered accountant and has also had extensive executive experience in the investment management industry. Mr. Scott will be formally put forward for formal election by the shareholders at the next general meeting of Shareholders.

Mr. Jaap Meijer has been a director on the IERET Board since November 2007 and having indicated that he would like to retire from the Board by the end of the Company's financial year, has resigned with effect from 28 September 2012.

Mr. Tom Chandos, the chairman of IERET, said: "We are delighted to be able to appoint Mr. William Scott to the Board, in the light of both his broad experience of investment management and specifically of a number of other structured realisations similar to that which we are committed to. We are very grateful to Mr. Jaap Meijer for the calm, good judgement he has brought to the Board over the challenging period of the past five years and wish him very well for the future."

All enquiries to:

Michael Sandler

Hudson Sandler Limited +44 20 7796 4133