RNS Number:6671J
International Real Estate Plc
04 April 2003



                         International Real Estate PLC

                               PROPERTY DISPOSAL

International Real Estate PLC, ("IRE"), the European property investment and
development company, today announces the sale of its Aartselaar warehouse and
distribution facility located outside Antwerp in Belgium, for Euro11.4m. The 36,288
sq.m (390,604 sq. ft) property has been sold to a fund managed by PRICOA
Financial.

The Aartselaar site was held on freehold terms by IRE through a subsidiary
company, Aartselaar Holding B.V. The sale has generated a profit of
approximately Euro0.2m net of tax. However, allowing for a write-back of deferred
taxation provisioned under FRS 19, the sale has generated a post tax profit for
IRE of approximately Euro0.4m. Net of debt, the disposal has generated around Euro5.5m
of cash for IRE. The property was held as a current asset in IRE's accounts

Daniel Akselson, Chief Executive, commenting on the disposal said,

"This is a timely disposal for IRE. We have held the Aartselaar property in our
trading portfolio for some time. We took the decision to dispose of the property
as we see possible uncertainties in the future market developments. Throughout
our ownership of the scheme we have received a generous rental stream, but this
is the right time to improve the cash position of IRE to be in a position to
take advantage of potential future opportunities."

" Elsewhere, we are progressing well with the rolling refurbishment programme at
our flagship IT Tower property in central Brussels. "

                                    - ends -

Date: 4 April 2003

For more information please contact:
Daniel Akselson                                              Simon Courtenay
Chief Executive                                              Ed Senior
International Real Estate PLC                                City Profile Group
Tel: 020-7839-8686                                           Tel: 020-7448-32444
















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