KPMG - IERE

Summary
This summary should be read as an introduction to this Prospectus and any decision to invest in the
Shares should be based on consideration of this Prospectus as a whole. This summary is not complete
and does not contain all the information that you should consider in connection with any decision
relating to the Shares. Civil liability attaches to the Company and its Directors, who are responsible for
this summary, including any translation of this summary, but only if the summary is misleading,
inaccurate or inconsistent when read together with the other parts of this Prospectus. Where a claim
relating to the information contained in this Prospectus is brought before a court, a claimant investor
may, under the national legislation of a European Economic Area state, have to bear the costs of
translating this Prospectus before the legal proceedings are initiated.
The Company
Invista European Real Estate Trust SICAF (the ‘‘Company’’) is a closed-ended investment company
with fixed capital (société d’investissement à capital fixe) incorporated under the form of a société
anonyme under the laws of Luxembourg and managed by Invista Real Estate Investment Management
Limited (‘‘Invista REIM’’ or the ‘‘Investment Manager’’). Invista Real Estate Investment Management
Holdings plc (‘‘Invista’’) and other companies within its group manage the real estate assets in 15
funds with an aggregate value of £8.6 billion as at 30 September 2006. This includes Insight
Foundation Property Trust Limited, its primary listed UK commercial real estate fund which is listed
on the London Stock Exchange’s main market for listed securities, with total property assets of £631
million as at 23 August 2006. Invista intends that the Company will be its primary listed Continental
European commercial real estate fund.
As at the date of this Prospectus, the Company owns, or is Committed to Acquire, properties valued
by the Independent Valuer as at 30 September 2006 at A488.3 million (A281.2 million of which are
owned, A127.4 million are anticipated and assumed, for certain purposes of the Prospectus, to be
acquired prior to Admission and A79.7 million are anticipated and assumed, for certain purposes of
the Prospectus, to be acquired post Admission). On the basis of the Assumptions, it is expected that
the Group’s gross assets at Admission, including financing under the Bank Facility would enable the
Company to reach a gross asset value of more than A700 million, assuming there is no adverse
change in the value of the Property Portfolio pending investment of such amounts in the acquisition
of further properties.
The Company aims to provide Shareholders with an attractive level of income return together with
the potential for income and capital growth through investing in commercial real estate assets in
Continental Europe. The Investment Manager believes that this market continues to offer
opportunities to acquire properties with attractive rental yields and the potential for appreciation in
value through rental growth, yield compression and active management.
The Company was established by the Invista team in June 2005 with initial funding provided by
members of the HBOS group as a vehicle for the acquisition of a portfolio of properties which would
in due course be the subject of a public offering of shares. The Offer will enable the Existing
Shareholders (being Uberior Europe Limited, (a wholly owned subsidiary of HBOS), and Chelsfield
Partners LLP) to reduce their shareholdings and will provide the Company with additional funds for
investment. On the basis that 63.0 million Shares are issued by the Company and 20.1 million Shares
are sold by the Existing Shareholders in the Offer, the Existing Shareholders will have an aggregate
shareholding in the Company of approximately 20 per cent. at Admission.
The Board believes that the Company represents an attractive investment opportunity because:
* the Continental European real estate market currently exhibits a positive difference between
property yields and financing rates;
* the Company owns a specifically selected income-producing property portfolio and has
Committed to Acquire additional income-producing properties;
* the Property Portfolio is diversified by geography, sector and tenant exposure;
* the Investment Manager has a well established track record and an experienced
Continental European Team; and
* the Investment Manager has experience of enhancing rental and capital values of property
portfolios and has identified certain asset management opportunities in the Property
Portfolio.
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