Conversion of Warrants & 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 2,937 warrants to be converted to 2,937 Ordinary Shares.

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

259,979,880 Ordinary Shares

29,137,134 Preference Shares

29,106,203 Warrants

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 259,979,880. 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 FSA's Disclosure and Transparency Rules.

For further information:

1 December 2010