NAV/Interim Dividend

Invista Foundation Property Tst Ltd
30 April 2008


                                 30 April 2008


           Invista Foundation Property Trust Limited (the "Company")

                    ANNOUNCEMENT OF NAV AND INTERIM DIVIDEND


Net Asset Value


Invista Foundation Property Trust Limited today announces a Net Asset Value
('NAV') of 108.1 pence per share ('pps') as at 31 March 2008 and an interim
dividend of 1.6875 pence per share in respect of the period 1 January 2008 to 31
March 2008. The dividend payment will be made on 22 May 2008 to shareholders on
the register on 9 May 2008. The ex-dividend date will be 7 May 2008.


The Company's NAV of 108.1 pps reflects a decline of 9.3 pence per share or 7.9%
over the quarter. This includes the impact of marking to market the Group's
interest rate swaps, which reduced the NAV by £2.1 million, representing 0.6
pence per share.


Over the 12 months to 31 March 2008 the Company's NAV fell by 34.1 pps or 24%.
Including dividends, the total NAV return over the last 12 months has been
approximately -19.9%. Since inception in July 2004 to March 2008 the Company's
total NAV return has been 9% per annum. A breakdown of the NAV is set out below:

                                        31/03/2008        31/12/2007     3 month Change
                                              (£m)              (£m)                (£)

Direct property independent
valuation                                   563.84            580.05            (16.21)

  Capital expenditure during the quarter         -              2.20                 -
  Like for like direct property             563.84            582.25           (18.41)

Joint venture investments (excl swaps)       29.01             37.82             (8.81)
Market value - On-balance sheet swaps       (6.94)            (5.70)            (1.24)
Market value - Off-balance sheet swaps        1.44              2.30             (0.86)
Net current assets                           51.77             54.70             (2.93)
On-balance sheet loan                     (259.57)          (259.30)                  -
Net Asset Value                             379.38            412.06            (32.68)
Net Asset Value per share (pps)              108.1             117.4              (9.3)


Property Portfolio and Performance


The Company's property portfolio was valued at £594.28 million as at 31 March
2008 and comprises 71 assets with an average lot size of £8.4 million. The like
for like fall in the capital value of directly held properties over the quarter
was -3.16% or a fall of -4.49% including the Net Asset Value of joint venture
investments. This compares with -6.6% and -8.7% respectively for the quarter
ending 31 December 2007.


Sector weightings*

Sector                                                                Weighting

Retail                                                                    21.4%
Offices                                                                   52.6%
Industrial                                                                22.3%
Other                                                                      3.7%

                                  Total                                    100%

* Includes JV investments at Net Asset Value


Regional weightings*

Region                                                                Weighting

Central London                                                            31.0%
South East excl. Central London                                           35.7%
Rest of South                                                             10.7%
Midlands and Wales                                                        13.8%
North and Scotland                                                         8.8%

                                                     Total                 100%

* Includes JV investments at Net Asset Value


Top ten properties

                                                          Value (£)          %

  1   Minerva House, London SE1                          55,500,000        9.3
  2   National Magazine House, London W1                 51,000,000        8.6
  3   Portman Square House, London W1                    33,660,000        5.7
  4   Plantation Place, London EC3                       24,211,000        4.1
  5   The Galaxy, Luton                                  22,200,000        3.7
  6   6-8 Tokenhouse Yard, London EC2                    20,000,000        3.4
  7   Reynard Business Park, Brentford                   18,000,000        3.0
  8   Victory House, Brighton                            16,800,000        2.8
  9   Union Park, Fifers Lane, Norwich                   15,000,000        2.5
 10   Churchill Way West, Salisbury                      14,750,000        2.5

      Total as at 31 March 2008                         271,121,175


Top ten tenants excluding joint ventures

                                                           Value (£)         %

  1   The National Magazine Co Ltd                         2,314,815       7.6
  2   Synovate Limited*                                    1,900,000       6.2
  3   Reed Smith Services                                  1,326,190       4.4
  4   Mott MacDonald Limited                               1,307,148       4.3
  5   Wickes Building Supplies Limited                     1,092,250       3.6
  6   The British Broadcasting Corporation                  £850,100       2.8
  7   Recticel SA                                           £713,538       2.3
  8   Partners of Cushman & Wakefield                       £574,128       1.9
  9   Motorhouse 2000 Limited                               £570,150       1.9
 10   Partners of Irwin Mitchell                            £555,000       1.8

      Total as at 31 March 2008                           11,199,629

* Synovate Limited will commence paying this rent in mid 2009


The Group's direct portfolio currently generates £30.7 million from 270 tenants,
reflecting a yield of 5.7% ignoring development sites and joint ventures, with
the yield increasing to 7% based on current rental value.



Market Background


The IPD Monthly Index reported a capital value fall of 4.7% for the quarter to
31 March 2008. The rate of decline has slowed during the quarter with a fall of
1.3% in March compared with 2% in January and 1.5% in February. UK commercial
property has generated a negative total return of -10.7% over the 12 months to
March 2008. UK capital values have fallen by 17% from the June 2007 peak, with
individual sector falls of -16.8% in Offices (July peak), -17.9% in Retail (May
peak) and -16.8% in Industrial (June peak). The average net initial yield is now
5.45%, the same level as August 2005.


Financial market volatility continues to be the major contributor towards
falling values. The very limited availability of debt finance for UK commercial
property has dramatically reduced liquidity with transaction volumes less than
25% of the first quarter of 2007. With the US in recession and slowing growth in
the UK, values may remain under pressure, but void rates remain low with
relatively little evidence of tenant default. There remains a risk that the
stresses in financial markets may spill over into the wider economy, while
weakness in the residential property market may have a negative impact on UK
consumer expenditure.


Transactions and Asset Management


As previously highlighted, disposals are being considered where asset management
plans have been successfully implemented or where there are concerns over future
performance. Over the quarter the Company sold a small retail property in
Southport for £2.3 million, at the same level as the December valuation. Further
disposals are being actively considered and the Company expects to make further
announcements shortly.


Good progress is being made on asset management initiatives across the portfolio
with a number of rent reviews and new lettings completed above the independent
valuation assumption.


At the Group's shopping centre in Ilkeston, an exclusivity agreement has been
exchanged with the Local Authority to 'masterplan' a scheme on seven acres of
land around the existing 70,000 sq ft shopping centre. Discussions are ongoing
with a number of potential supermarket anchor tenants.


Finance


As at 31 March 2008 the Group had securitised on-balance sheet debt of £263.5
million fully hedged against interest rates until 2014 at a total cost of funds
of 5.58%. The debt is secured against £538.12 million of property and £13.3
million of cash in the securitised pool of assets, reflecting an on-balance
sheet loan to value of 47.8% relative to a bank covenant of 60%. Secured assets
can be sold without penalties or restriction provided that proceeds are used to
pay down debt. The Group also has £25.6 million of unsecured property and as at
31 March 2008 had additional free cash of £42 million, resulting in total cash
of £55.3 million


As at 31 March 2008 the Group's 28.08% stake in the City office Plantation
Place, London EC3 was valued at £24.21 million. Plantation Place is a very high
quality asset let to investment grade tenants with an average unexpired lease
length of 18 years. The property was valued at £535 million as at 31 March 2008,
in excess of the price paid in March 2006. Since the quarter end the investors
in Plantation Place have chosen to invest additional capital to maintain the
non-recourse, off-balance sheet loan to value covenant, of which the Groups
share is £4.26 million. Following the Plantation Place investment the Group has
£50 million of cash resources providing operational flexibility.



This results in an overall on-balance sheet loan to value ratio of 40.5% and a
fully consolidated on- and off-balance sheet loan to value ratio of 51%. If cash
balances are netted off against borrowings, this ratio falls to 47%. Proceeds
realised from disposals will be directed at paying down debt.


                                    -ENDS-


For further information:

Invista Real Estate Investment Management                   020 7153 9300
Duncan Owen

Northern Trust                                              01481 745529
David Sauvarin

Financial Dynamics                                          020 7831 3113
Stephanie Highett / Dido Laurimore


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