GWIK.L Regulatory News (GWIK)

03 February 2011

Treveria plc ("Treveria" or the "Group")

Pre-Close Trading Update

Treveria plc (AIM: TRV), the German retail focused real estate investment company, today provides the following update on trading prior to entering its close period and the announcement of its audited final results for the year ended 31 December 2010 in April 2011.

Property Acquisitions and Sales

In the last six months of 2010, the Group completed the sale of three properties for a gross consideration of €5 million and notarised further contracts to sell two properties for a gross consideration of €6 million. These completed and notarised sales were achieved at 9% above the valuation as at 30 June 2010.

The total free cash generated from completed sales in the second half of 2010 stands at €2 million. This compares with a target of €8 to €15 million free cash, as outlined at the time of our half year results in September 2010. There was, however, one particular property sale that was not pursued, which on its own would produce free cash of around €8 million, as it was concluded the Group would be able to achieve a far better price by marketing the property to a wider range of potential investors. This sale is expected to be completed in the first half of 2011, enabling the Company to meet its free cash target.

The Group did not acquire any properties during the second half of 2010.

Cash Balance at Treveria plc

As at 31 December 2010, cash at the parent company level stood at €49 million. This is in line with the Group's expectations and previous announcements.

Asset Valuation

DTZ is currently engaged in the preparation of the valuation of the Group's properties as at 31 December 2010. According to current draft figures, the Silos had the following asset values and Loan-to-value-ratios:

* Silo J properties are free of any mortgage or charge

With this disclosure, the Group underlines its commitment to increase transparency in its statements and reports, and a comprehensive Silo segmental reporting will be disclosed in the 2010 Annual Report.

The current status of covenant breaches of the Silos remains unchanged since the announcement of the half year results in September 2010.

Portfolio Performance

In the second half of 2010 the Group secured 157 new leases and lease extensions (without Silo C) generating an annual rental income of €8.5million.

Real Estate Transfer Tax

As announced in the 2010 half year report the holding companies Treveria Holdings S.à r.l. (now Limited) and Treveria Properties S.à r.l. (now Limited) were relocated from Luxembourg to the Isle of Man, where Treveria plc was already domiciled. As a consequence (and as previously stated) the €40.2million provision for the RETT will be removed in our audited financial statements for the year ended 31 December 2010 and replaced by a contingent liability, which will not be deducted from the Group's net assets. In addition (and as previously reported) the Group has commenced a relief procedure with the relevant German fiscal authorities.

Future Refinancings

In July 2011 €870 million of the Group's bank debt matures. The Group has appointed a leading global investment bank to assist them in the forthcoming loan negotiations in Silos C, D, and E.

In Silo C the loan to the Dutch BVs of €224million matured on 20 January 2011. At the same time, the borrowers entered into a standstill agreement with Deutsche Bank/Citigroup. Given this development, the Group is now exploring a number of potential avenues to gain positive NAV from this silo.

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