NRE North Real

RNS Number:8380Q
North Real Estate Opportunities Fd
07 February 2007






7 February 2007



                  NORTH REAL ESTATE OPPORTUNITIES FUND LIMITED


                                 Trading Update


North Real Estate Opportunities Fund ("NRE" or "the Company") is pleased to
provide shareholders with the following update on the Company's positive
progress and advise that full commitment of the remaining funds is expected by
the end of June 2007 through completion of remaining pipeline transactions
currently under due diligence.


European Retail Park Sibiu

In November 2006 the Company announced it first transaction, the Euro83 million
purchase of the 50,000 sqm European Retail Park Sibiu, anchor - tenanted by
Metro AG's Real Hypermarket, Austrian DIY retailer Baumaxx and Altex's Media
Galaxy Electronics Superstore.  A number of asset management initiatives are
underway in Sibiu, including:


* the addition of a 6,000 sqm leisure complex with a four screen
  multiplex cinema and 10-lane bowling alley.

* the addition of a 5,000 sqm of retail space to accommodate new
  flag-ship international anchor tenants which will increase income and further
  improve tenant mix.


Development of Suceava Shopping City

In December 2006 the Company announced its second transaction, the development
of the 50,000 sqm Suceava Shopping City, located in central Suceava in north
eastern Romania. The retail park is anchor - tenanted by a Carrefour Hypermarket
and a Mobexpert Furniture Superstore. The Company has since signed Heads of
Terms with two additional anchor-tenants, Austrian DIY retailer Baumaxx and
Altex's Media Galaxy Electronics Superstore.  Site preparation has been
completed, including the demolition of the pre-existing factory, with structural
construction commencing on schedule in March of 2007 and the shopping centre
opening to the public in Easter 2008.


Site Acquisition, Chisinau, Republic of Moldova

The Company has acquired a well located site in Chisinau (pop. 750,000), capital
of the Republic of Moldova, and is on track to launch the development of a
mixed-use, retail shopping centre in the city centre.


Further retail development pipeline identified

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 neighbouring countries.



                                     -Ends-

North Real Estate Opportunities Fund Ltd
Alex Haidas                                             +44 207 590 7600

Merlin
Angus Urquhart                                          +44 207 653 6620
Mobile                                                  +44 7787 504 447



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


North Asset Management is an independent alternative asset manager with a strong
focus on the European time zone and in particular the opportunities available in
peripheral Europe. Founded in July 2002, North brings together a highly
respected team of professionals with an average prior experience of over ten
years in the investment banking and management community.  The company currently
manages over $1 billion on behalf of its clients in hedge funds, real estate
funds, discretionary mandates and CDOs.


www.northllp.com








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

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