Riviera Shopping City

RNS Number:1104A
North Real Estate Opportunities Fd
12 July 2007



12  July, 2007



                  NORTH REAL ESTATE OPPORTUNITIES FUND LIMITED

    Development of the 100,000 sqm Riviera Shopping City in Odessa, Ukraine

North Real Estate Opportunities Fund ("NRE" or the "Company") is pleased to
announce its first transaction in Ukraine, with the acquisition of an 185,000
square meter ("sqm") site and the launch of the 100,000 sqm development of the
Riviera Shopping City, Odessa's first internationally anchor-tenanted
destination shopping centre.

On 9 July 2007, we announced Absolute Capital Management Holdings' ("ACMH")
acquisition of North Asset Management's interest in the management contract of
NRE.

About Riviera Shopping City

The development which is on the eastern edge of Odessa known as the "Odessa
Riviera", is an attractive and highly sought after residential area.  Existing
residential developments include luxury villas and sea-side gated communities.
The location also benefits from adjoining the city's highest density residential
neighbourhood.

Phase I of the development will encompass some 75,000 sqm of built area
accommodating a leading international and regional retail offering, including a
hypermarket, DIY (Bricolage), electric and white goods, sporting goods,
furniture and a 25,000 sqm destination fashion mall.  The Mall will feature a
range of elite fashion boutiques, a comprehensive selection of high street
brands and a comprehensive leisure area with multiplex cinema, 12-lane bowling
alley, restaurants, cafe's and bars. The centre will also provide a seasonal
outdoor "Riviera Promenade", featuring open-air versions of the Mall's cafe's
and restaurants.

Including the acquisition of the entire site, Phase I will have total
development cost (acquisition, construction and finance) of some Euro75 million, of
which it is estimated that up to Euro25 million will be equity funded.  Phase I is
planned to commence construction in 1st Quarter 2008 with staged delivery in 4th
Quarter 2008 and 1st Quarter 2009.  The project is budgeted to generate a yield
on cost in the upper-mid teens and should be strongly accretive to the Company's
returns.

About ACMH

ACMH (AIM: ACMH) the fund management company focused on delivering investment
returns through the management of absolute return funds, announced on 9 July,
2007 the acquisition of North Asset Management's interest in the management
contract of NRE.  ACMH is committed to supporting the continued rapid growth of
and investment by NRE including raising further capital to fund a pipeline of
identified investments in Ukraine and Romania .

Commenting on the development, Robert Provine, Fund Manager of North Real Estate
Opportunities Fund said:

 "We are looking forward to delivering a retail offering of exceptional
international quality.  The Odessa Riviera is an important and rapidly
developing area of the City, and through the development we expect to become an
active member of the local commercial and social community of Odessa. "


                                     -Ends-

North Real Estate Opportunities                     [phone]
Fund Ltd
Robert Provine

Oriel Securities                                    [phone]
Tom Durie

Merlin                                              [phone]
Angus Urquhart




Notes to Editors


North Real Estate Opportunities Fund Ltd is a Guernsey based closed-ended
investment company, investing in the commercial property markets of Central and
Eastern Europe. The company is listed on the London Stock Exchange's AIM market
and is managed by North Asset Management, with offices in London and Bucharest.
The Fund's ticker is NRE.

With the completion of the Riviera Shopping City development, the Company will
have invested substantially all of its original Initial Offering Proceeds of Euro96
million.


www.nreof.com






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