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, 9 January 2004 was as
follows:-

                                              NAV
                                                 
Ordinary                                  48.329p
                                                 
Zero Dividend Preference                 124.591p

for and on behalf of

INVESCO Asset Management Limited

14 January 2004



END