Board Change

25 April 2013

INVISTA EUROPEAN REAL ESTATE TRUST SICAF

("IERET or "the Company")

Board Change

The Board of IERET announces that John Frederiksen, who has been a director of the Company since the IPO in December 2006, has tendered his resignation with immediate effect, due to the pressure of other commitments.

Tom Chandos, the chairman of IERET, said: "We are very sorry to lose the great experience and steady judgement of John Frederiksen, who has been a stalwart board colleague. We wish him the very best for the future and his other endeavours."