RNS Number:3128M
International Real Estate Plc
13 June 2003

                         INTERNATIONAL REAL ESTATE PLC

                            CHAIRMAN'S AGM STATEMENT



Speaking at the Annual General Meeting of International Real Estate PLC, the
Chairman, Rolf Nordstrom made the following statement.

" At our largest property investment, the IT Tower in Brussels, we have made
progress in our rolling refurbishment and letting programme. We have let more
than 2,600-sq. m of re-furbished space, at rental levels above those secured in
2002. We continue to market the balance of the un-let space of some 2,500 sq.
m."

" We have also completed the disposal of our warehouse investment at Aartselaar
near Antwerp for Euro11.975 million. This resulted in a small profit for the Group.
However rental income will be substantially reduced pending the re-investment of
the proceeds of the sale. In the meantime, these proceeds will be utilised to
reduce borrowings."

All of the resolutions proposed at the meeting were duly passed.

                                     -ends-

Date: 13 June 2003

For further information contact:
International Real Estate PLC                              City Profile Group
Tel: 020-7839-8686                                         Tel: 020-7448-3244
Rolf L Nordstrom, Chairman                                 Simon Courtenay
Daniel Akselson, Managing Director


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