Disclosure to Luxembourg Regulatory Authorities

Invista European Real Estate Trust SICAF

("IERET or the "Company")

Directors' Statement to the consolidated half-yearly accounts for six months period ended 31 March 2010 of Invista European Real Estate Trust SICAF (the "Company")

The undersigned, Mr. Jaap Meijer and Mr. Michael Chidiac, Directors of the Company, state that to the best of their knowledge, the condensed set of interim financial statements, which has been prepared in accordance with the International Financials Standards, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the group. They also confirm that the interim management report includes a fair review of the important events that have occurred during the six month period ending 31 March 2010 and their impact on the condensed set of financial statements, together with a description of the principal risks and uncertainties for the remaining six months of the financial year.

For and on behalf of INVISTA EUROPEAN REAL ESTATE TRUST SICAF

Mr Jaap Meijer and Mr Michael Chidiac

Enquiries:

Marta Kozinska: + 352 47 23 23 267