NRE North Real

RNS Number:1921U
North Real Estate Opportunities Fd
02 April 2007



2 April 2007


                  NORTH REAL ESTATE OPPORTUNITIES FUND LIMITED

          Net Asset Valuation as of 31 January 2007 and Trading Update


North Real Estate Opportunities Fund ("NRE" or the "Company") is pleased to
announce to shareholders an increase in its unaudited Net Asset Value ("NAV") as
of 31 January 2007 along with an update on the Company's positive trading
progress.


Highlights


*Unaudited NAV per share as of 31 January 2007 before one-off Company
 launch costs of 110 cents

*Unaudited NAV per share as of 31 January 2007 after one-off Company
 launch costs of 106 cents

*10% increase above the August 2006 NAV per share before one-off
 Company launch costs

*NAV figures are based on third party independent Property Valuation
 Reports as of the 31 January 2007 executed by Jones Lang LaSalle

*Since the Company's launch in August 2006, it has invested some Euro63
 million of its Euro96 million in initial equity proceeds

*A number of asset management initiatives are underway at the
 European Retail Park Sibiu which are anticipated to increase the net rental
 income of the project and the yield on cost to approximately 8.5%

*Construction of the Suceava Shopping City is progressing according
 to schedule with opening planned for April 2008

*The Company is confident that by the Summer it will have committed
 100% of available equity to investment and development projects currently under
 due diligence, well ahead of expectations


Further details of the NAV


The NAV covers the five and a half month period following the Company's launch
on the London Stock Exchange's Alternative Investment Market ("AIM").

Jones Lang LaSalle's valuation of NRE's first completed operational asset, the
European Retail Park Sibiu (100% owned by the Company), showed an increase in
market value from the purchase price of Euro82.7 million, before purchase costs, to
a current market value of Euro95.8 million, also before purchase costs. The up-lift
in valuation derives from a combination of on-going asset management initiatives
being implemented by NRE's Manager, North Asset Management, as well as a modest
improvement in market investment yields.

The Company's real estate assets and cash were valued at Euro106.1 million compared
to Euro96 million as at 16 August 2006. Accordingly, NRE's NAV as at 31 January
2007 (calculated to IFRS standards by adding the cash balance and any other
assets less all remaining liabilities) totalled Euro110.1 million before one-off
Company launch costs and Euro106.1 million after one-off Company launch costs.

The NAV per Common Share as at 31 January 2007 was calculated after dividing the
above mentioned NAV's by the 100 million common shares on issue as of 31 January
2007 which resulted in a NAV per share of Euro1.101 before one-off Company launch
costs and Euro1.061 after one-off Company launch costs.



Further retail development pipeline identified

As mentioned in NRE's Trading Update on 7 February 2007 the Company's Manager,
following the interest of several of the Company's key anchor tenants, has
identified a further pipeline for the development of a diversified network of
institutional quality retail shopping centres anchored by leading international
large-format retailers in NRE's target markets.



                                     -Ends-


North Real Estate Opportunities     +44 207 590 7600
Fund Ltd
Robert Provine

Merlin                              +44 207 653 6620
Angus Urquhart, mobile              +44 7787 504 447
Bridget Fury, mobile                +44 7941 085 506


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.


www.nreof.com


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

END
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