NRE North Real

RNS Number:7224V
North Real Estate Opportunities Fd
30 April 2007


PRESS RELEASE FOR IMMEDIATE RELEASE


April 30, 2007



                  NORTH REAL ESTATE OPPORTUNITIES FUND LIMITED


         Board Changes and Appointment of Nominated Advisor and Broker


Board Changes

North Real Estate Opportunities Fund ("NRE" or the "Company") is pleased to
announce the appointment of Dr Ralph Hill, former European Chief Executive
Officer of Aareal Bank, to its Board of Directors as Non-executive Director. Dr
Hill will replace current Board Director, Katerina Papageorgiou with effect from
April 30, 2007.


Dr Hill brings 15 years of knowledge and experience in the European banking and
property sectors to NRE. During his last four years at Aareal, (formerly known
as DePfa), Dr Hill was a member of the bank's main Board of Directors and was
responsible for the systematic, strategic expansion of its international real
estate financing business which included all of its real estate financing
branches, subsidiaries and specialist product teams. Dr Hill also led the rapid
growth of Aereal's international loan originations business to around Euro5bn per
annum which resulted in a total international portfolio of around Euro13 bn. In
addition, Dr Hill oversaw the expansion of the bank's property development
finance business into a range of emerging markets including Russia, China and
Mexico.


Commenting on the Board changes, Robert Provine Fund Manager of NRE, said; "We
would like to take this opportunity to welcome Dr Hill to the board and thank
Mrs Papageorgiou for her valuable contribution to NRE. We wish her continued
success and particularly congratulate her on the birth of her twins."


Appointment of Nominated Advisor and Broker

NRE is pleased to announce the appointment of Oriel Securities as its new
Nominated Advisor and Broker ("NOMAD"). Oriel Securities is an independent
corporate and institutional stockbroking and advisory business with outstanding
specialist knowledge and expertise in the property industry. Oriel will replace
Panmure Gordon & Co as NOMAD.


Given the success of the Company in achieving the investment objectives over the
period since listing and the developing business plans to achieve a growing
portfolio of retail parks and shopping centres in the region, the appointments
form part of a general review of the Company's board structure and advisors.


                                     -Ends-



North Real Estate Opportunities Fund Ltd

+44 207 590 7600

Robert Provine



Merlin

+44 207 653 6620

Angus Urquhart, mobile +44 7787 504 447





The following information is provided in accordance paragraph 2(g) of Schedule 2
of the AIM Rules:

1) Ralph Bernhard Hill (45)

- has held within past the 5 years the following directorships:


Aareal Bank France SA

Banque Mansart

Aareal Financial Services USA Inc.

Aareal Financial Services, spol. s r o

Aareal Financial Services Polska Sp. z o o

Aareal Financial Services (Singapore) Pte. Ltd.

Via Capital Ltd


- currently holds no directorships



- Ralph Hill holds 500,000 shares in North Real Estate Opportunities Fund Ltd



There are no further disclosures required pursuant to paragraph 2(g) of Schedule
2 to the AIM Rules.


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

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