Update on Current Trading and Strategic Review

13 July 2015

INVISTA EUROPEAN REAL ESTATE TRUST SICAF

(the "Company")

UPDATE ON CURRENT TRADING AND STRATEGIC REVIEW

As previously announced, the Company has been undertaking a Strategic Review over the course of this year. This Strategic Review has included a number of discussions with third parties in order to achieve either a recapitalisation of the Company or a sale of subsidiary undertakings owning the core portfolio.

Recently, there has been a tenant default as well as the unexpected exercise of lease breaks which, in the absence of new tenants being contracted, would have a material adverse effect on rental income in the future. In light of these events, the most recent valuation of the Company's portfolio of investment properties was €226.15 million (undertaken by Savills as at 30 June 2015), which reflects a €5.9 million or 2.54% decline since the last quarterly valuation, dated 31 March 2015, on a like for like basis.

As a result, the Board has concluded that a rapid realisation of the Company's assets is necessary to maintain the support of the Company's lenders. A number of the parties who have been identified in the course of the Strategic Review may be potential buyers on such a basis. There can be no certainty, however, that any transaction will take place, or that, if one does, there will be any value available for either ordinary or preference shareholders.

The Company will continue to make announcements as appropriate.