Update on Progress

RNS Number:6469K
North Real Estate Opportunities Fd
18 October 2006

18 October 2006





NORTH REAL ESTATE OPPORTUNITIES FUND LIMITED ("the Company")

Update on Progress

North Real Estate Opportunities Fund Limited is pleased to provide an update on
progress since its successful admission to trading on the AIM Market of the
London Stock Exchange on 16 August 2006.

Based on discussions and reports from North Asset Management LLP ("the
Investment Manager"), the Directors of the Board believe the Company is on
course to fully implement its business plan ahead of schedule. The Company
therefore anticipates committing the proceeds of the placing within 12 months to
investments which the Investment Manager believes have the potential to generate
annualised internal rates of return in excess of 20 per cent. In addition to the
investment pipeline identified by the Investment Manager prior to admission, a
number of compelling new investment opportunities have also been sourced. It is
expected that some of the investments will be completed in the coming weeks.

The Company's first interim NAV report will be published by 31 March 2007 for
the period ending 31 January 2007.

For further information please contact:

Robert Brown                 [phone]




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