NRE North Real

North Real Estate Opportunities Fd
17 October 2007


                                                                



                  NORTH REAL ESTATE OPPORTUNITIES FUND LIMITED

        30,000 sqm Extension of the European Retail Park Sibiu, Romania


North Real Estate Opportunities Fund Ltd (the "Company" or "NRE"), is pleased to
announce the commencement of the development process of the third and final
phase of its European Retail Park Sibiu which will encompass some 30,000 sqm of
new leasable area. The extension will include a leisure area with a six screen
multiplex cinema, a ten lane bowling alley and over 20,000 sqm of further retail
space to be let to leading international and regional retailers new to Sibiu.

With the completion of phase three, the European Retail Park Sibiu will offer in
excess of 80,000 sqm of leaseable area, firmly establishing the scheme as the
dominant regional destination shopping centre in central Transylvania. The
Company has already secured a number of important anchor tenants for the
extension which will significantly expand the retail offering and is expected to
bring the total net rent generated by the centre to in excess of some Euro9.5
million per annum.

Construction on phase three will commence in the 1st quarter of 2008 with the
grand opening and re-launch of the shopping centre scheduled for December 2008.
The total investment in phase three will be approximately Euro32 million and is
projected to be strongly accretive to the Company's returns.

The Company acquired the 47,000 sqm Real and Baumaxx anchored retail park in
November 2006 and subsequently extended the scheme with a 4,000 sqm development
leased to Austrian and

German sporting goods and fashion retailers Hervis, Deichmann, New Yorker and
Takko.

Commenting on the announcement, Robert Provine, Fund Manager said "We are
delighted to announce the third and final phase to this landmark project. With
over 80,000sqm of leasable space, the scheme is proving to be a highly
attractive proposition to international and local retailers and as a consequence
we are significantly adding to the overall value of our investment. We look
forward to further updating the market on this scheme."


                                     -Ends-


North Real Estate Opportunities Fund Ltd
+44 207 535 4000
Robert Provine

Oriel Securities
+44 207 710 7600
Tom Durie

Cardew
+44 207 930 0777
Shan Shan Willenbrock


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 Argo 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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