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, 16 January 2004 was
as follows:-

                                              NAV
                                                 
Ordinary                                  42.088p
                                                 
Zero Dividend Preference                 124.797p

for and on behalf of

INVESCO Asset Management Limited

21 January 2004



END