NAV and dividend announcement

RNS Number:8366I
Invista European Real Estate Trust
29 November 2007



                    INVISTA EUROPEAN REAL ESTATE TRUST SICAF


     ANNOUNCEMENT OF UNAUDITED NAV AND SECOND INTERIM DIVIDEND DECLARATION



                                                                29 November 2007



Invista European Real Estate Trust SICAF (the "Company") is pleased to announce
an unaudited Net Asset Value (adjusted to add back deferred taxation) of EUR3.11
(216p) per share as at the Company's year end of 30 September 2007, reflecting
an increase of EUR0.042 equating to 1.4 per cent over the quarter.  The total
NAV return on a per share basis for shareholders since the Company's IPO on 20
December 2006 (using the adjusted pro forma Net Asset Value of EUR2.82 at IPO)
to 30 September 2007 was 11.7 per cent.  The unaudited Net Asset Value,
calculated under International Financial Reporting Standards, was EUR2.83 per
share.


The Company also announces a second interim dividend of EUR0.0887 (approximately
6.2p) per share in respect of the period from 1 April 2007 to 29 September 2007.
The dividend payment will be made on 21 December 2007 to shareholders on the
Register on 14 December 2007.  The ex-dividend date will be 12 December 2007.
The dividend will be paid in sterling at the prevailing exchange rate.


The unaudited Net Asset Value incorporates a number of events and key factors
during the quarter ended 30 September 2007 including:



  * the purchase of three logistics assets in Tiel and Amsterdam in The
    Netherlands and Prague in the Czech Republic valued in total at EUR39.2
    million.
  * the independent valuation of the property portfolio as at 30 September
    2007 was EUR724.3 million and consisted of 46 properties.  Outstanding
    conditional commitments in respect of an asset in Girona, Spain, valued at
    EUR12.0 million, increased the value to EUR736.3 million.  The portfolio
    increased in value on a like-for-like basis by 0.8 per cent. in the quarter,
    equating to EUR5.1 million or EUR0.045 per share;
  * a reversal of accrued capitalised costs of EUR1.9 million, equating to
    EUR0.017 per share;
  * a downwards adjustment in the mark-to-market valuation of the Company's
    interest rate swaps of EUR5.2 million, equating to EUR0.046 per share; and
  * retained earnings in the quarter of EUR3.0 million, equating to EUR0.026
    per share.



The property portfolio will next be valued by an independent valuer as at 31
December 2007 and the next quarterly Net Asset Value per share is expected to be
published in February 2007. Figures converted into sterling assume a EUR per STG
exchange rate of 1.4359 as at 30 September 2007.


Commenting on the announcement, Tony Smedley, Head of European Funds at Invista
Real Estate Investment Management said:


"Against the background of a challenging capital markets environment, the
Company continues to perform well and we are pleased with yet another set of
positive performance figures.


"The success in executing our active asset management strategy as set out at the
time of IPO is now generating benefits across the portfolio and remains central
to delivering future returns in tightening markets. We will continue to focus
upon the largest and most liquid property markets in Continental Europe and
actively re-distribute capital around these markets in order to capture value on
behalf of the Company's shareholders. We look forward to continuing to generate
these returns and enhancing the portfolio."





Enquiries:


Tony Smedley / Chris Ludlam                               [phone]
Invista Real Estate Investment Management Limited

Patricia Schon                                            [phone]

Citco (Luxembourg) S.A.

Stephanie Highett / Dido Laurimore / Nicole Marino         [phone]

Financial Dynamics









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