Change to Accounting Year End

RNS Number:5078A
North Real Estate Opportunities Fd
19 July 2007





19  July, 2007


                  NORTH REAL ESTATE OPPORTUNITIES FUND LIMITED


                Change to Accounting year end and Trading Update


North Real Estate Opportunities Fund Ltd (the "Company" or "NRE"), managed by
Absolute Capital Management Property Limited ("Absolute"), is pleased to provide
its shareholder's with notification of a change to its accounting year end and a
brief trading update.


Trading Update

Suceava Shopping City:  Leasing progressing ahead of schedule

In conjunction with the financial completion of the project, the Company is
pleased to announce that the joint venture development of the Suceava Shopping
City in Suceava Romania, has fully leased all of its anchor tenant units and has
leased approximately 60% of space in the Shopping Mall segment of the
development, substantially ahead of schedule. The anchor tenants are Carrefour
Hypermarket, Baumaxx DIY, Media Galaxy electronic superstore and Mobexpert.
Notable Shopping Mall tenants include Benetton, Kenvelo, Bigotti, Deichmann and
Leonardo.

The construction is progressing on schedule for its opening in April 2008 with
ground-works and foundations completed and the anchor unit frames currently
being erected.

Based upon leases signed to date, the scheme, when fully let, is estimated to
generate a net rental yield (un-leveraged) to the Company of 8.5%.


European Retail Park Sibiu:  Extension leasing ahead of schedule

The Company is pleased to announce that leases have been agreed for the
approximately 4,000 sqm extension to the European Retail Park Sibiu with leading
Austrian and German sporting goods and fashion retailers including Hervis,
Deichmann, New Yorker and Takko.

The development of the extension will generate a yield on cost in excess of 15%
for the Company and is scheduled to be completed by the first quarter of 2008.
The extension will bring the net rental yield (un-leveraged) of the entire
European Retail Park Sibiu to in excess of 8.0%.


Change of Accounting year end and other Administrative Changes

The Board announces the change of the Company's accounting year end from 31 July
to 30 September with immediate effect. The Company announced interim results
for the six months to 31 January 2007 on 30 April 2007 and the next full year
results will be for the 14 months ending 30 September 2007.

As part of the changes to the accounting year end the Board have instructed the
Company's auditors Ernst & Young to carry out an audit for the eight month
period to 31 March 2007. It is expected that these audited results, together
with NAV, will be announced by August.

The Board of Directors has further resolved that going forward the NAV will
reported twice annually, 31 March and 30 September, with the year end figures
being fully audited and the interim figures being formally reviewed by the
Company's auditors, Ernst and Young.



                                     -Ends-



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


Oriel Securities
+44 207 710 7600
Tom Durie


Merlin
+44 207 653 6620
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. by Absolute Capital Management Property Limited 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

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