The Directors of Real Estate Opportunities Limited announce that the resolutions proposed at the Extraordinary General Meeting of the Company held today in Jersey were duly passed.

Completion of the acquisition of Battersea Power Station and surrounding lands in the London Borough of Wandsworth is expected to take place later today.

Real Estate Opportunities Limited
Selected as Preferred Development Partner for Bremore Ireland Port

The Board of Real Estate Opportunities Limited (“REO”) is pleased to announce that Drogheda Port Company has selected a consortium led by Castle Market Holdings, a wholly owned subsidiary of REO, as preferred bidder as joint venture partner to codevelop a new deep-water port on Ireland’s east coast.

Development at Bremore Ireland Port began in 2002 as a response to the requirement for greater port capacity. Castle Market Holdings will provide development expertise and management to the project.

The Board of Real Estate Opportunities Limited (“REO”) announces that REO has completed two previously announced acquisitions at Lad Lane and Stillorgan, both in Dublin, Ireland.

The block of 40 apartments at Lad Lane is sited on 0.39 acres on the corner of Cumberland Road and Lad Lane with street frontage onto both roads, overlooking Wilton Gardens and the Grand Canal.

The Leisureplex site in Stillorgan is 2.47acres facing the Stillorgan Shopping Centre. Together with the ‘Blakes’ site, this affords a unique development opportunity for the Stillorgan area which Treasury Holdings has been exploring with the community and in submissions to Dun Laoghaire Rathdown County Council for the Local Area Plan.

Real Estate Opportunities Limited’s issue share capital consists of 253,044,006 ordinary shares of 1p each with voting rights.

The above figure (253,044,006) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Real Estate Opportunities Limited under the FSA’s Disclosure and Transparency Rules.

Further to the announcement made on 30th November 2006, the Company announces that it has posted a circular (“Circular”) to its shareholders concerning the acquisition of Battersea Power Station and surrounding lands. The Circular also contains a notice of an Extraordinary General Meeting of the Company convened for 10.30 a.m. on 29th December 2006 at which the appropriate resolutions to enable the Acquisition to proceed will be put to Ordinary Shareholders.

The Board has been considering the arrangements pursuant to which it is advised in relation to the Group’s assets, particularly having regard to the fact that the proportion of the Group’s assets represented by development properties has increased over time. This is now more pertinent given that the Battersea Power Station site will be a significant development asset of the Group requiring substantial development expertise.

The Board has therefore determined to appoint Treasury Holdings to act as investment adviser for all of the Group’s property assets. Consequently, the Board has reached agreement with INVESCO for it to resign as the manager of the Group’s assets (save that INVESCO Asset Management Limited will be retained to manage the Income Portfolio and to provide advice to the Independent Directors from time to time).

The appointment of Treasury Holdings will be made pursuant to two investment advisory management agreements. The terms upon which Treasury Holdings will be appointed by the Company in respect of the Irish property portfolio substantially replicate the terms upon which Treasury Holdings is currently retained by INVESCO and the terms upon which Treasury Holdings will be appointed in respect of the non-Irish portfolio will again substantially replicate those terms.

Copies of the Circular have been forwarded to the UK Listing Authority and are available for inspection at the UK Listing Authority’s Document Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Circular.

Acquisition of Battersea Power Station and surrounding lands

The Board of Real Estate Opportunities Limited (“REO” or “the Company”) announces that REO has exchanged contracts to purchase Battersea Power Station and its surrounding lands in London (“the Site”) from Oriental Property Limited (“Oriental”), a company owned by the Hwang family which also controls 100% of Parkview International London plc. The Site, which covers 38 acres (of which six acres comprise the Power Station) is set alongside 380 metres of riverside frontage within the London Borough of Wandsworth. REO will acquire 100 per cent. of the equity in the companies that hold freehold title to the Site.

The amount payable by REO in respect of the acquisition is £400 million of which £250 million is payable in cash. This will be partly funded from REO’s existing cash and £150 million of bank debt from the Bank of Scotland Corporate. The balance of £150 million is being satisfied by the issue by REO of loan notes to Oriental. In the event of REO issuing new shares for cash or assets, Oriental will have the right to exchange its loan notes for REO ordinary shares, at the issue price, subject to certain conditions and limitations, in particular Oriental's holding not exceeding 10 per cent. of the issued ordinary share capital in REO. In addition Oriental will be entitled to redeem its loan notes on a pro rata basis if part of the Site is sold. While its loan notes are outstanding, Oriental will retain a second charge over the Site.

The transaction is conditional on the approval of REO’s ordinary shareholders and Treasury Holdings, which controls 58.5 per cent. of the ordinary shares of REO, has undertaken to vote in favour. Full details of the transaction will be contained in a circular to REO’s shareholders which will be sent out shortly.

The Board has also determined to re-classify REO from a property investment company to a property company, as mentioned in REO’s recent interim accounts statement.

The Battersea Power Station site

Battersea Power Station is one of the largest brick buildings in the world and the Site, together with the surrounding land, represents one of the largest urban regeneration projects in central London. The current masterplan for the Site envisages a mixture of housing, hotels, retail, conference and exhibition space. REO has engaged a full complement of technical and planning advisers.

Ray Horney, Chairman of REO, commented:

“We are delighted to become involved in a project that presents both a magnificent property development opportunity and challenge: the Power Station itself is a building that is an iconic part of central London’s heritage and is set on a site which by virtue of its size and location offers an extraordinary development opportunity. No comparable site exists in London.”

“Those who know the work of Treasury Holdings (REO’s majority shareholder, which will lend its development expertise to this site) at Spencer Dock in Dublin should have great confidence that the site is in good hands. Spencer Dock, which is Dublin’s largest urban regeneration project and comprises 52 acres, has proved both commercially successful and a magnificent addition to Dublin’s building stock. REO looks forward to working closely with Wandsworth Borough Council, the relevant planning authorities and the local community to enable the Site to fulfil its potential.”

Victor Hwang, Director of Oriental says:

“Our first priority has always been to ensure that the regeneration of Battersea Power Station would be seen through to completion. We have given a great deal of effort to create a world class project in one of the world’s greatest cities.”

“We have, over time, been in numerous discussions to seek a developer to continue with the project and to see this development through the construction phase to completion.”

“It is right that the next phase and future of Battersea Power Station should now be transferred into a publicly listed company. This will assure that there is transparency and clear reporting requirements to the public, whose affection for this iconic building has never wavered.”

Bob Bishopp, Director of Bank of Scotland Corporate added:

"We are pleased to be supporting REO in its acquisition of Battersea Power Station. They have an excellent track record in being able to identify and extract value from premium developmental schemes and their business objectives are wholly aligned with our philosophy of transacting with "partners of choice". We look forward to working with them on the redevelopment of Battersea which we feel certain will prove exciting and publicly rewarding

Real Estate Opportunities Limited

2). Name of shareholder having a major interest

SG Option Europe S.A. Account PRNCIPAL

3). Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person’s spouse of children under the age of 18:

Notification is in respect of the shareholder named in 2 above

4) Name of registered holder(s) and, if more than one holder, the number of shares held by each of them:

-

5) Number of shares/amount of stock acquired:

Not Notified

6) Percentage of issued class:

Not Notified

7) Number of shares/amount of stock disposed:

-

8) Percentage of issued class:

-

9) Class of security:

Ordinary Shares

10) Date of Transaction:

Not Notified

11) Date company informed:

3 October 2006

12) Total holding following this notification:

10,600,000

13) Total percentage holding of issued class following this notification:

4.19%

14) Contact name for queries:

Mrs Karina Bryant

15) Contact telephone number:

020 7065 3644

16) Name of company official responsible for making notification:

John Thwaites on behalf of Aztec Financial Services Limited – Company Secretary

17) Date of notification:

3 October 2006

This is a completely new development to previous submissions and took into account consultations with local residents. Incorporating 18,046 sq m of retail area, it has 79 shop units – retaining two-thirds of the existing 62 outlets. It allows for a 27% increase in car parking spaces to 873, yet a ‘street scape’ structure hides the car park from view, providing shop frontage on to the Old Dublin Road and the Lower Kilmacud Road. New facilities such as a gym, crèche and rooftop restaurant with views over the Dublin mountains are also included. The plans require an investment in excess of €40 million.

Rob Davies, Director of Development, Retail & Leisure at Treasury Holdings said “We are obviously very pleased with today’s decision, as it provides us with the opportunity to deliver a greatly improved shopping centre to local residents and particularly to those businesses trading in the centre. We have been working for seven years to achieve this. The planned shopping centre can be built within two years, and with minimal disruption to trade.

“However, Treasury Holdings is committed to the community planning process which began in late March. We would like to explore the ideas emerging from this process and to consider the new Local Area Plan when it is published before making the definitive decision as to whether to proceed with these plans for the shopping centre,” he said.

REO has a 50% interest in the Blakes site through Havenview Investments, its 50/50 joint venture with Treasury Holdings, and a REO subsidiary has contracted to buy the Leisureplex site, an adjacent development.

These landholdings offer an opportunity to completely revitalise the centre of Stillorgan village, making it a more pleasant living, working and shopping environment. The community planning process began in late March and the outcome was an indicative masterplan for the area. This was submitted to Dun Laoghaire-Rathdown County Council for consideration as they finalise the Local Area Plan for Stillorgan.

A further community planning forum to discuss the future for Stillorgan will take place on 7th of September and will focus on Movement and Transport.

On 2 August 2006 the Chairman of the Company, Mr RYF Horney, transferred 304,782 Ordinary Shares and 904,800 CULS previously held in his name to Cheviot Capital (Nominees) Limited. These transfers do not represent a change in beneficial owner.

Notification of transactions of directors, persons discharging managerial responsibility or connected persons

This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1).

(1)   An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.
(2)   An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24.
(3)   An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.
(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

Schedule 10 - Notification of Major Interests in Shares

1)   Name of Company

Real Estate Opportunities Limited

2)   Name of shareholder having a major interest

Treasury Holdings

3)   Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person’s spouse of children under the age of 18:

Notification is in respect of the shareholder named in 2 above

4)   Name of registered holder(s) and, if more than one holder, the number of shares held by each of them:

-

5)   Number of shares/amount of stock acquired:

2,562,116

6)   Percentage of issued class:

1.01%

7)   Number of shares/amount of stock disposed:

-

8)   Percentage of issued class:

-

9)   Class of security:

Ordinary Shares

10)   Date of Transaction:

26th July 2006

11)   Date company informed:

26th July 2006

12)   Total holding following this notification:

147,935,591

13)   Total percentage holding of issued class following this notification:

58.46%

14)   Contact name for queries:

Karina Bryant

15)   Contact telephone number:

020 7065 4000

16)   Name of company official responsible for making notification:

Carole Wilson on behalf of Aztec Financial Services Limited
– Company Secretary

17)   Date of notification:

July 26, 2006

1) Name of company
Real Estate Opportunities Limited

2) Name of director
Keith Jenkins

3) Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person's spouse or children under the age of 18 or in respect of a non-beneficial interest
Beneficial

4) Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them (if notified)
K A Jenkins

5) Please state whether notification relates to a person(s) connected with the Director named in 2 above and identify the connected person(s)
N/A

6) Please state the nature of the transaction. For PEP transactions please indicate whether general/single co PEP and if discretionary/non discretionary
N/A

7) Number of shares/amount of stock acquired
25,000 Ordinary Shares

8) Percentage of issued class
0.0001%

9) Number of shares/amount of stock disposed
None

10) Percentage of issued class
None

11) Class of security
Ordinary Shares

12) Price per share
99.25p

13) Date of transaction
20 June 2006

14) Date company informed
21 June 2006

15) Total holding following this notification
50,000 Ordinary Shares

16) Total percentage holding of issued class following this notification
0.0002%

If a director has been granted options by the company please complete the following boxes

17) Date of grant
N/A

18) Period during which or date on which exercisable
N/A

19) Total amount paid (if any) for grant of the option
N/A

20) Description of shares or debentures involved: class, number
N/A

21) Exercise price (if fixed at time of grant) or indication that price is to be fixed at time of exercise
N/A

22) Total number of shares or debentures over which options held following this notification
N/A

23) Any additional information

24) Name of contact and telephone number for queries

Maria McDermott
Aztec Financial Services Limited
01534 833000

25) Name and signature of authorised company official responsible for making this notification

Maria McDermott on behalf of Aztec Financial Services Limited – Company Secretary

Date of Notification
22 June 2006

The Company announced on 8 May 2006 that contracts had been exchanged for the disposal of the Company’s interest in land held in a subsidiary of REO for cash consideration. The Directors of Real Estate Opportunities Limited are pleased to announce that the transaction has now completed.

As against the 31 December 2005 valuation of the site, the disposal results in an uplift of 7p per REO Ordinary share.

Annual General Meeting Results

Following the Annual General Meeting held on Tuesday, 20 June 2006 we are pleased to announce that all resolutions put to shareholders were passed.

Notification of interests of Directors and connected persons

1) Name of company
Real Estate Opportunities Limited

2) Name of director
Martin Richardson

3) Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person's spouse or children under the age of 18 or in respect of a non-beneficial interest
Beneficial

4) Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them (if notified)
Tarfield Limited

5) Please state whether notification relates to a person(s) connected with the Director named in 2 above and identify the connected person(s)
N/A

6) Please state the nature of the transaction. For PEP transactions please indicate whether general/single co PEP and if discretionary/non discretionary
N/A

7) Number of shares/amount of stock acquired
75,000 Ordinary Shares

8) Percentage of issued class
0.0003%

9) Number of shares/amount of stock disposed
None

10) Percentage of issued class
None

11) Class of security
Ordinary Shares

12) Price per share
98.75p

13) Date of transaction
08 June 2006

14) Date company informed
09 June 2006

15) Total holding following this notification
75,000 Ordinary Shares

16) Total percentage holding of issued class following this notification
0.0003%

If a director has been granted options by the company please complete the following boxes

17) Date of grant
N/A

18) Period during which or date on which exercisable
N/A

19) Total amount paid (if any) for grant of the option
N/A

20) Description of shares or debentures involved: class, number
N/A

21) Exercise price (if fixed at time of grant) or indication that price is to be fixed at time of exercise
N/A

22) Total number of shares or debentures over which options held following this notification
N/A

23) Any additional information

24) Name of contact and telephone number for queries

Maria McDermott
Aztec Financial Services Limited
01534 833000

25) Name and signature of authorised company official responsible for making this notification

Maria McDermott on behalf of Aztec Financial Services Limited – Company Secretary

Date of Notification
09 June 2006

Annual Information Update

This annual information update is required by, and is being made pursuant to, Article 10 of the Prospectus Directive as implemented in the United Kingdom (Prospectus Rule 5.2) and not for any other purpose and neither the Company, nor any other person, takes any responsibility for, or makes any representation, express or implied, as to the accuracy or completeness of, the information which it contains. This information is not necessarily up to date as at the date of this annual information update and the Company does not undertake any obligation to update any such information in the future.

1. Regulatory Information Service (‘RIS’) announcements

           2005

           2006

All of the information listed above is available for viewing on the London Stock Exchange RNS website.

1) Name of company
Real Estate Opportunities Limited

2) Name of director
David Moon

3) Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person's spouse or children under the age of 18 or in respect of a non-beneficial interest
Beneficial

4) Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them (if notified)
K.B. (C.I.) Nominees Limited

5) Please state whether notification relates to a person(s) connected with the Director named in 2 above and identify the connected person(s)
N/A

6) Please state the nature of the transaction. For PEP transactions please indicate whether general/single co PEP and if discretionary/non discretionary
N/A

7) Number of shares/amount of stock acquired
50,000 Ordinary Shares

8) Percentage of issued class
0.0002%

9) Number of shares/amount of stock disposed
None

10) Percentage of issued class
None

11) Class of security
Ordinary Shares

12) Price per share
101.5p

13) Date of transaction
12 May 2006

14) Date company informed
16 May 2006

15) Total holding following this notification
100,000 Ordinary Shares

16) Total percentage holding of issued class following this notification
0.0004%

If a director has been granted options by the company please complete the following boxes

17) Date of grant
N/A

18) Period during which or date on which exercisable
N/A

19) Total amount paid (if any) for grant of the option
N/A

20) Description of shares or debentures involved: class, number
N/A

21) Exercise price (if fixed at time of grant) or indication that price is to be fixed at time of exercise
N/A

22) Total number of shares or debentures over which options held following this notification
N/A

23) Any additional information

24) Name of contact and telephone number for queries

Maria McDermott
Aztec Financial Services Limited
01534 833000

25) Name and signature of authorised company official responsible for making this notification

Maria McDermott on behalf of Aztec Financial Services Limited – Company Secretary

Date of Notification
16 May 2006

In accordance with Listing Rule 9.6.14, the Board of Real Estate Opportunities Trust Limited announces a change in one of Mr Garth Milne’s existing other directorships:-

On 5 April 2006, BFS UK Dual Return Trust plc changed its name to Premier UK Dual Return Trust plc.

The Directors of Real Estate Opportunities Limited (the Company or REO) are pleased to announce that contracts have been exchanged for the disposal of the Company’s interest in land held in a subsidiary of REO for cash consideration. For commercial reasons, the site has not been identified, but details will be disclosed in due course.

On completion, scheduled for 16 June 2006, the transaction should result in an uplift of 7p to the net asset value per REO ordinary share as against the figure as at 31 December 2005, after providing for tax as appropriate.

The Directors are recommending a final dividend for the year ending 31 December 2005 of 1.5p per Ordinary Share payable on 21 June 2006 to Ordinary Shareholders on the register on 12 May 2006.

Preliminary Announcement of the Annual Report and Accounts for the year ended 31st December 2005

Please click here to be redirected to the Preliminary Announcement.

In accordance with Listing Rule 9.6.14, the Board of Real Estate Opportunities Limited announces that Mr Garth Milne, a non-executive director of the Company, is also a non-executive director of the following quoted companies:

BFS UK Dual Return Trust plc
SovGEM Limited (AiM)
Invesco Perpetual UK Smaller Companies Investment Trust plc
Utilico Emerging Markets Utilities Limited (AiM)
The Ukraine Opportunity Trust plc
Henderson Far East Income Trust plc

Real Estate Opportunities Limited announces successful completion of securitisation. €375 million bond issued, further €50 million junior loan

Further to its announcement of 16 January 2006 the Board of Directors of Real Estate Opportunities Limited (“REO”), the property investment company with Irish property assets of over €850 million, listed on the London, Irish and Channel Islands Stock Exchanges, is pleased to announce that REO has successfully completed the first multiple property debt securitisation in Ireland.

The seven year, €375 million loan, arranged by Eurohypo, comprises predominantly AAA bonds priced at a margin over Euribor of 19 basis points. The blended margin for the total loan is 29.5 basis points.

There was a strong level of interest in the issue, from banks, funds and insurance companies, particularly in Germany, France and Ireland.

Ray Horney, Chairman of REO, said “We are very pleased that this innovative transaction received such a positive reaction from investors, as reflected in the competitive pricing. This is a mark of confidence in the quality of REO’s property portfolio. It allows REO to make annual interest savings of over €3 million and has freed up €70 million in cash.”

The €375 million term loan was financed through the issue by Opera Finance (CMH) plc of commercial mortgage backed securities (CMBS) and in addition, a €50 million junior loan was provided by Anglo Irish Bank. Eurohypo was the sole arranger of the bond and Morgan Stanley acted as Bookrunner on the issue which was rated as follows:

Eurohypo. Peter Denton, Caroline Philips +44 (0) 20 7759 7600
Madano - public relations. Adam Wurf, Matthew Moth +44 (0) 20 7593 4000
Treasury Holdings. Guy Leech +44 (0) 777 182 5277
Murray Consultants. Elizabeth Headon +353 (0) 87 989 7234

As against the 30 June, 2005 valuation of the site, the disposal results in an uplift of 8p per REO ordinary share. This is higher than was originally announced due to a revised transaction structure.

For further information, please contact:

Rory Morrison
INVESCO Real Estate
020 7543 3500

Richard Barrett
Treasury Holdings
00 3531 618 9300

REO announces €375 million property securitisation with Eurohypo – Ireland’s first

Monday, 16 January 2006. Eurohypo, Europe’s leading commercial real estate bank, is arranging a €375 million seven year loan for Real Estate Opportunities Limited (“REO”), a property investment company with property assets of over €850 million, listed on the London, Irish and Channel Islands Stock Exchanges. The loan will be used to replace existing borrowings, driving down costs while also freeing up cash and is the first single large real estate loan to be securitised in Ireland. It is to be secured against 16 retail and office properties (15 in Dublin and one in Cork), including the Stillorgan Shopping Centre and offices occupied by Bank of Ireland and KPMG. Treasury Holdings, one of Ireland’s leading property groups, is REO’s Irish property investment adviser and owns 57% of REO’s shares.

Ray Horney, Chairman of REO, said, “This is an innovative transaction that will allow REO to make substantial annual interest savings estimated at €2.8 million, while freeing up cash. It represents the culmination of a great deal of work by Guy Leech, Treasury Finance Director, and Eurohypo, whom we chose after an extensive selection process to find the right banking partner. The deal will allow REO to pursue further expansion opportunities in the real estate markets in Ireland and elsewhere.”

Caroline Philips, Head of Securitisation at Eurohypo, said, “REO has a portfolio of high quality properties which is ideally suited for funding in the capital markets. As market leaders, REO and Treasury Holdings have once again shown the way with Ireland’s first property securitisation. This deal also demonstrates Eurohypo’s commitment to creating debt packages that best meet our clients’ financing needs, combining the strengths of the capital and bank markets to achieve the most efficient result. We have created a structure that is tailor-made for the Irish market.”

The €375 million term loan will be financed through the issue by Opera Finance (CMH) plc of commercial mortgage backed securities (“CMBS”). Eurohypo is the sole Arranger and Morgan Stanley will act as Bookrunner on the issue. The issue will comprise four tranches, expected to be rated by Fitch Ratings Ltd. (‘Fitch’) and Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. (‘S&P’) as follows:

Holding in Company

Schedule 10 - Notification of Major Interests in Shares

1. Name of Company
Real Estate Opportunities Limited

2. Name of shareholder having a major interest
Treasury Holdings

3. Please state whether notification indicates that it is in respect of holding of the shareholder named in 2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a holding of that person’s spouse of children under the age of 18:
Notification is in respect of the shareholder named in 2 above

4. Name of registered holder(s) and, if more than one holder, the number of shares held by each of them:
-

5. Number of shares/amount of stock acquired:
5,714,000

6. Percentage of issued class:
2.26%

7. Number of shares/amount of stock disposed:
-

8. Percentage of issued class:
-

9. Class of security:
Ordinary Shares

10. Date of Transaction:
2 December 2005

11. Date company informed:
5 December 2005

12. Total holding following this notification:
145,373,475

13. Total percentage holding of issued class following this notification:
57.45%

14. Contact name for queries:
Mrs Karina Bryant

15. Contact telephone number:
020 7065 4000

16. Name of company official responsible for making notification:
Maria McDermott on behalf of Aztec Financial Services Limited – Company Secretary

17. Date of notification:
5 December 2005

The Directors of Real Estate Opportunities are pleased to announce that contracts have been exchanged for the sale of land by a subsidiary of REO for cash consideration. A non-returnable deposit equal to 10 per cent. of the total sale price has been paid, the balance payable on completion which is scheduled for 13 January 2006.

On completion and after providing in full for potential tax on the disposal, the transaction should result in an uplift of 6.5p to net asset value per REO ordinary share, as against the 30 June 2005 valuation of the property portfolio.

Further details will be announced in due course

Real Estate Opportunities is delighted to announce that it has been granted full permission to develop a mixed-use residential and commercial complex in Stillorgan, Co. Dublin.

The development will consist of 23,167 sqm approximately, over a double basement of 13,338 sqm. The accommodation will comprise 164 apartments, totalling 18,151 sqm, two restaurants, seven retail units, a bar, gym, creche and underground car parking facilities.

The project will be on the 1.88 acre site of the former Blake’s Restaurant in Stillorgan, some 4 miles south of Dublin City Centre.

The Directors of Real Estate Opportunities are pleased to announce that agreements have today been exchanged by The Clyde Road Partnership and Devano Developments Limited for the grant of rights in respect of a site at Central Park. REO holds a 25 per cent. interest in the Clyde Road Partnership (CRP), which owns Central Park, through Havenview Investments Limited, a 50/50 joint venture between REO and Treasury Holdings.

The site comprises 1.14 hectares and has planning consent, granted in January 2005, for residential and commercial development.

The price for the grant of the rights is €59,134,000 of which €51,280,000 is payable in cash, the balance in commercial units and car parking spaces. Completion is scheduled for 5 October 2005. Further consideration of up to €3 million is potentially payable depending on certain contingencies. Additional further consideration is also payable if planning permission is obtained for a higher density development. In addition, Devano has agreed to construct, for the benefit of CRP, commercial units and car parking spaces as part of the development for a cash consideration of €7,854,000. Treasury Holdings estimates that the open market value of those units and spaces on completion is c. €15 million based on current market conditions.

Relative to the value at which REO’s interest in this site is held, this transaction represents an initial uplift for REO of approximately €2.5 million or 0.67p per ordinary share.

Commenting on the transaction, Richard Barrett, a Director of REO and Managing Director of Treasury Holdings, commented: “The grant of these rights at an attractive price indicates an impressive return on REO’s investment and demonstrates the ability to realise assets prior to the development phase thus reducing risk and accelerating returns.”

With the announcement on 15 August 2005 of an interim dividend of 1 pence per ordinary share, the Board of Directors of the Company is pleased to confirm that it has now resumed the payment of dividends in accordance with the statement of intent set out in the Company’s Annual Report for 2004.

The Board will seek to maintain a dividend policy whereby dividends will be paid twice annually in May and September each year. The next dividend is expected to be announced at the time of the preliminary announcement of the final results for the current year. In determining the level of dividend the Board remains mindful of the need to fund the development of properties held within the Company’s portfolio. To that extent the Board’s dividend policy is likely to remain cautious whilst those developments are ongoing.

Further information on the results will be reflected in the Company’s interim statement expected to be released in September.

The Directors have declared an interim dividend for the year ending 31 December 2005 of 1p per Ordinary Share payable on 26 September 2005 to Ordinary Shareholders on the register on 26 August 2005. This dividend is the first dividend payment since the Directors suspended dividend payments in 2002.

Annual General Meeting Results

Following the Annual General Meeting held on Tuesday, 5 July 2005 we are pleased to announce that all resolutions put to shareholders were passed.

Conversion of CULS

The Company announces that application is to be made for the admission to the UK Listing Authority, the Irish Stock Exchange and the Channel Islands Stock Exchange for 39,497 new Ordinary shares of 1p each arising on the conversion of 7.5% Convertible Unsecured Loan Stock to be admitted to the Official List, and to trading on the respective stock exchanges. Following this, there will be 253,044,006 Ordinary shares and £101,143,194 of 7.5% Convertible Unsecured Loan Stock in issue.

REO is seeking compensation for the substantial losses suffered by REO in its income portfolio, which was established by those advisers in June 2001.

The legal action follows a failure to negotiate satisfactory compensation payments. REO is determined to obtain appropriate compensation and will pursue its case with vigour.

The Directors of Real Estate Opportunities are pleased to announce that, following an appeal lodged in relation to the planning application made in respect of the Allegro Site, Blackthorn Drive, Sandyford, Dublin 18, planning consent has now been confirmed for this site. In summary, the planning consent allows for a mixed use development accessed from Blackthorn Drive comprising,
• 128 2-bedroom apartments and 16 1-bedroom apartments
• An apart-hotel of 55 units
• 5 retail warehouse units
• a health club, and
• 7 neighbourhood shops.
These will together provide a gross floor area of 44,119 square metres in structures varying in height from 3 to 11 storeys. In addition surface and multilevel parking spaces will be permitted for 1,026 cars.
The Allegro Site is owned by Havenview Limited, a 50/50 joint venture between the Company and Treasury Holdings.

The board of Real Estate Opportunities Limited is pleased to announce that on 6 May 2005 the Company completed:-
- the acquisition of properties at Balbriggan in County Dublin and Barrow Street in the City of Dublin in return for the issue of approximately 83.88 million new Ordinary shares at 58.5 pence per share and cash payments of some €3 million; and
- the repurchase for cancellation of approximately 27.92 million Ordinary shares previously held by Dawnay, Day and others pursuant to a sale and purchase agreement entered into on 28 February, 2005.
In a placing conducted by Teather & Greenwood, 65 million Ordinary shares have been placed predominantly with institutional investors. These comprise the balance of the holdings of Dawnay, Day and others plus approximately 14.22 million of the new Ordinary shares issued pursuant to the property acquisitions.
As a result of these transactions, the total number of Ordinary shares in issue has increased from 197,050,824 shares to 253,004,509. On a pro forma basis, the net assets of the Group (unaudited) as at 31 December 2004, adjusted to take account of the property acquisitions and share repurchases effected on 6 May, £:€ exchange rate movements since the year end and ZDP accrual amount to some £189 million, or 43.0 pence per Ordinary share as follows:

Following completion of the transactions described above, the Company is aware of the following holdings of Ordinary shares where the holding represents 3 per cent. or more of the shares in issue:-

Richard Barrett, a director of the Company, is interested in the shares held by Treasury Holdings. In addition, other Directors of the Company have the following interests in its Ordinary shares:

Commenting on the implementation of these proposals, Ray Horney said “We are delighted to have acquired additional good quality properties which fit well within the Company’s portfolio and provide sectoral diversification. At the same time, we have been able to bring together proposals which allow Dawnay, Day and others to realise their holdings in the Company whilst enabling the Company to introduce a number of new shareholders and increase the number of shares in issue and the proportion of shares held in public hands.”

Real Estate Opportunities Limited
Re: Conversion of CULS

The Company announces that application is to be made for the admission to the UK Listing Authority, the Irish Stock Exchange and the Channel Islands Stock Exchange for 17,400 new Ordinary shares of 1p each arising on the conversion of 7.5% convertible unsecured loan stock to be admitted to the Official List, and to trading on the respective stock exchanges. These shares are included in the total issued share capital referred to in the announcement released on 5 May 2005 regarding the result of the Company’s EGM held on that day.

Real Estate Opportunities Limited
Re: result of Extraordinary General Meeting

At the Extraordinary General meeting held in Jersey today to approve the proposed acquisition of properties at Balbriggan in County Dublin and Barrow Street in the City of Dublin, the placing of existing and new Ordinary shares at 58.5 pence per share, the repurchase and cancellation of up to 78.7 million Ordinary shares at 58.5 pence per share and the waiver of Rule 9 of the Takeover Code, all of the resolutions were duly passed.
Application has been made for the 83,876,816 New Ordinary shares being issued in consideration for the acquisition of the properties to be admitted to the Official List of the UK Listing Authority, the Irish Stock Exchange and the Channel Islands Stock Exchange and to be admitted to trading on the London Stock Exchange, the Irish Stock Exchange and the Channel Islands Stock Exchange. Dealings are expected to commence on 6 May 2005.
Since publication of the Circular on 11 April 2005, a further 6 million shares have been conditionally placed under the Placing bringing the total number of Ordinary shares in the Placing to 65 million, comprising 14.22 million New Ordinary shares being issued in respect of the acquisition of property at Balbriggan and 50.78 million existing Ordinary shares held by the Share Vendors. The remaining 27,923,131 Ordinary shares held by the Share Vendors are to be repurchased by the Company and cancelled.
On the basis that these transactions are completed on 6 May 2005, the Company will then have 253,004,509 Ordinary shares in issue of which 139,659,473 Ordinary shares (55.2 per cent.) will be held by Treasury Holdings.
Defined terms used in this announcement have the same meaning as in the Circular to shareholders dated 11 April 2005.

Real Estate Opportunities Limited

Re: proposed acquisition of properties at Balbriggan in County Dublin and Barrow Street in the City of Dublin, placing of up to 75.0 million existing and 14.2 million new Ordinary Shares at 58.5 pence per share, repurchase and cancellation of up to 78.7 million Ordinary Shares at 58.5 pence per share and approval of waiver of Rule 9 of the Takeover Code

The Board of Directors of Real Estate Opportunities Limited is pleased to announce the following recommended proposals, which are subject, inter alia, to the approval of Ordinary Shareholders:

• the acquisition of property at Balbriggan, County Dublin, from Treasury Holdings and others and of property at Barrow Street in the City of Dublin, for an initial aggregate consideration of €73.76 million to be satisfied in cash as to €3 million and as to the balance by the issue of new Ordinary Shares in the Company at 58.5 pence per share;
• a placing of 59 million Ordinary Shares at 58.5 pence per share with predominantly institutional investors: this comprises 14.22 million of the new Ordinary Shares being issued in respect of the Balbriggan acquisition and a further 44.78 million Ordinary Shares currently held by Dawnay, Day and others;
• the repurchase and cancellation of the balance of the Ordinary Shares held by Dawnay, Day and others, being 33.92 million Ordinary Shares, at 58.5 pence per share;
• the enlargment of the issued ordinary share capital of the Company from 197 million Ordinary Shares to 247 million Ordinary Shares;
• the increase in Treasury Holdings’ stake in the Company from 35.5 per cent. of the existing ordinary share capital to 56.5 per cent. of the enlarged ordinary share capital; and
• the grant of a waiver by the UK Take-over Panel from the requirement which would otherwise arise under Rule 9 of the Take-over Code for the Concert Party (as defined below) to make a mandatory bid for the remaining Ordinary Shares of the Company.

In light of the increase to its holding of voting shares, Treasury Holdings has, conditional on the proposals being approved and implemented, entered into an undertaking not to exercise its votes in such a way as to compromise the ability of the Company to carry on its business independently of Treasury Holdings.
Richard Barrett and John Ronan, by virtue of each being directors and 50 per cent. beneficial shareholders in Treasury Holdings, are considered to be in concert with Treasury Holdings. As a result of implementation of the Proposals, these individuals and their close relatives and related trusts (“the Concert Party”) will have a potential maximum holding of 56.9 per cent. of the issued Ordinary Shares. Consequently, under Rule 9 of the Takeover Code, unless a specific waiver is obtained from the Panel and approved by independent shareholders on a poll, the Concert Party will be obliged to make a mandatory cash offer for the entire issued Ordinary Share capital of the Company as a result of the increase in the Concert Party’s holding due to the repurchase of Ordinary Shares and issue of New Ordinary Shares pursuant to the terms of the proposals. In this case, the Take-over Panel has agreed, subject to the approval on a poll of independent shareholders at the forthcoming Extraodinary General Meeting, to waive such an obligation.
As at 18 March 2005, Hakaton Limited (a special purpose vehicle which holds the Balbriggan property) held gross property assets of €72.8 million, its net asset value stood at €32.5 million. In respect of Candourity Limited and Abbono Limited, special purpose vehicles together holding the Barrow Street property, the aggregate net asset value of both companies amounted to €35.3 million. In respect of the financial year to 31 December 2004, the profit before tax attributable to: Hakaton Limited was €0.7 million; Candourity Limited was €(0.3) million; and Abbono Limited was €0.1 million.