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 no valid Conversion Notices have been received or deemed to have been received and there will be no new conversion of warrants into Ordinary Shares.

As of 5 December 2012, the total number of securities in issue in each security class remains unchanged since the last conversion of warrants on 13 December 2011 and consists of:

259,980,909 Ordinary Shares

29,137,134 Preference Shares of which 800,000 are held in treasury.

29,105,174 Warrants

The total number of voting rights in the Company under ordinary shares is 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 in Luxembourg and in the UK.

For further information:

5 December 2012