Refinancing Update

Invista European Real Estate Trust SICAF ("IERET" or the "Company")

Refinancing Update

2 December

The Board of IERET, the investment manager and its advisors have, as previously announced, been in discussions with a number of potential providers of new debt in order to refinance its outstanding loan facility (the "Loan") with Bank of Scotland PLC ("BoS") due for repayment on 31st December 2013. In the Company's announcement of the 5 August, it was emphasised that concluding such a deal would be a complex task with no guarantee of success. In recent weeks the Company nonetheless presented a conditional refinancing proposal to BoS, offering to repay an amount in full and final settlement of all liabilities to BoS, subject to a certain level of debt forgiveness. This proposal has not been accepted and negotiations with BoS on this specific offer have now concluded.

BoS has now announced the agreement to sell a larger loan portfolio in which IERET's Loan is included to Promontoria Holding 89 BV, an affiliate of Cerberus Institutional Partners V L.P ("Cerberus"). BoS has offered to grant IERET a short term extension to the Loan's maturity to 30th April 2014, in order to provide IERET with more time to explore different solutions with the new owner of the loan, on the condition that IERET agrees to a relaxation in the terms of the Loan's transferability. The Company has not currently agreed to this, but, subject to the agreement of detailed terms and definitive documentation, is minded to accept the extension, in order to achieve, through engaging proactively with Cerberus, the best possible outcome for shareholders

A further announcement will be made when there are any more developments to report. The Board intends to announce its full year results for the year ended 30th September 2013 during January. In the meantime, the Company continues to make satisfactory progress in the sale of selected vacant properties and in a range of asset management initiatives.

For further information, please contact:

Ludovic Bernard

Internos Global Investors

+44 20 7355 8800

Jorrit Crompvoets

Citco REIF Services (Luxembourg) S.A.

+352 47 23 23 212