Conversion of Warrants and Total Voting Rights

Invista European Real Estate Trust SICAF

("IERET" or the "Company")

Conversion of Warrants & Total Voting Rights and Capital

Invista European Real Estate Trust SICAF (the "Company") announces today that valid Conversion Notices have been received or deemed to have been received in respect of 170 warrants to be converted to 170 Ordinary Shares.

Following the conversion, the total number of securities in issue in each security class will be:

259,980,909 Ordinary Shares

29,137,134 Preference Shares

29,105,174 Warrants

A notification for the issue of the new shares has been made to the Commission du Surveillance du Secteur Financier (the "CSSF") in accordance with the law of 11 January 2008 on transparency requirements for issuers of securities in Luxembourg.

An Application has been made to the Financial Services Authority ("FSA") for the new shares to be admitted to the Official List at the UK Listing Authority and admitted to trading on the London Stock Exchange Main Market for listed securities. Admission is expected to occur today.

With effect from today the total number of voting rights under ordinary shares will increase to 259,980,909. This figure can be used by ordinary shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the CSSF's and FSA's Disclosure and Transparency Rules.

For further information:

6 December 2011