Transition to new investment manager

15 December 2011

INVISTA EUROPEAN REAL ESTATE TRUST SICAF

Transition to new investment manager

Invista European Real Estate Trust SICAF ("IERET" or "the Company") announced on 30 June 2011 that it proposed to appoint Internos Real Investors LLP as the new investment manager, subject to the satisfaction of a number of conditions.

All these conditions have now either been met or waived and Internos Real Limited ("Internos Real"), a wholly owned subsidiary of Internos Real Investors LLP, has therefore taken on the role of investment manager with effect from 15 December. The Commission de Surveillance de Secteur Financier ("CSSF"), the Luxembourg financial regulator, has approved the appointment of Internos Real as investment manager and promoter of the Company.

The Company also announced that it proposed to change its investment objective and policy to implement a structured realisation of its portfolio of assets and this was approved, subject to regulatory approval, by shareholders at a general meeting on 14 October 2011. Discussions with the CSSF on this point are still ongoing.

In the meantime, the existing investment objective and policy continue to apply. The Company has appointed Internos Real under the existing objective and policy, in order to achieve the earliest possible transition for the management of the Company's assets. Under the existing investment objective and policy, the Company has been pursuing an accelerated, proactive programme of disposals (with €50 million of sales in the past twelve months) and Internos Real will be maintaining this approach, in order further to reduce the Company's borrowings.

The Company has entered into a Termination Agreement with Invista Real Estate Investment Management Limited ("Invista"), under which it has agreed to pay a termination fee of €855,000. This compares with an estimated liability of €2.4 million if the management fees for the balance of the notice period (to 18 September 2012) were to be paid.

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For further information, please contact:

Citco REIF Services (Luxembourg) SA

Marta Kozinska +352 47 23 23 267

Hudson Sandler

Michael Sandler +44 20 7796 4133