REAL ESTATE OPPORTUNITIES LIMITED                       

HEADLINE: Net Asset Values

The Board of Real Estate Opportunities Limited announces that the basic net
asset value per share at the close of business on Friday, 12 December 2003 was
as follows:-

                                              NAV
                                                 
Ordinary                                  49.335p
                                                 
Zero Dividend Preference                 123.771p

for and on behalf of

INVESCO Asset Management Limited

17 December 2003



END