Property Revaluation & NAV

RNS Number:3490T
European Convergence Property CoPLC
21 March 2007


21 March 2007


      European Convergence Property Company plc (the "Company" or "ECPC")

                    Property Revaluation and Net Asset Value


The Board of ECPC is pleased to announce that a revaluation of the existing
property portfolio of ECPC by SHM Smith Hodgkinson, a firm of chartered
surveyors founded in 1860 and operating in Romania since 1998, shows an increase
in the market value of EUR 13.1m (or 36% of invested equity) based on the 31st
January 2007 unaudited figures. The increase reflects the continuing yield
compression brought about by increasing demand for high quality properties in
the region.

ECPC's portfolio of properties, and the revaluation of the portfolio is analysed
below.

EURm         Equity      External       Total      Revaluation Increase      %
           Investment   Borrowings   Acquisition      As at       in
                                        Cost*      31 Jan 2007  Equity

PGV Tower        6.7         17.8           24.5        25.6      1.1    16.42%
Mall
Veliko          10.6         19.2           29.8        32.5      2.7    25.47%
Turnovo
Impact
Costrudava       7.1         13.0           20.1        21.5      1.4    19.72%
Millennium
Business
Centre          12.1         30.4           42.5        50.4      7.9    65.29%
   Total        36.5         80.4          116.9       130.0     13.1    35.89%

* including transaction costs

The Investment Manager continues to pursue investment opportunities in the
region and is currently undertaking due diligence on a number of projects.

The result of these revaluations on the net assets of the company, before any
adjustments for potential deferred taxation would be an increase to EUR1.16 per
share as at 31 January 2007 (unaudited), however under IFRS rules the company
has to raise provisions for deferred taxation which would limit the increase to
EUR1.08 per share.

The company's interim results to 31 December 2006, which will be released later
this month, will not reflect these valuations, which were prepared after the
reporting date.


Enquiries:

European Convergence Property Company plc [phone]
Anderson Whamond

Charlemagne Capital [phone]
Christopher Fitzwilliam Lay/Varda Lotan


Website: www.europeanconvergence.com

Notes to editors:

ECPC is a property company focused on investing in commercial, retail and
industrial property in South-East Europe with a view to taking advantage of high
yields and the potential for capital appreciation.

The principal target countries are Romania, Bulgaria and Turkey.
Opportunistically, the Company may also seek special situations investments in
these markets and in Central Europe, predominantly in Poland, Hungary and the
Czech Republic.

In June 2005, the Company raised EUR62.7 million before expenses through the
placing of 62.7 million new ordinary shares at a price of EUR1 per share.

The Company's investment manager is Charlemagne Capital (IOM) Limited which is
regulated by the Isle of Man Financial Supervision Commission for investment and
corporate service provider business. The Charlemagne Group specialises in
managing funds in public and private equity in global emerging markets. Its
private equity and property team have historically focused on Central and
South-East Europe. The Charlemagne Group currently manages US$ 4.65 billion.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
NAVILFSRVLIIFID