Net Asset Value(s)

Invista Foundation Property Tst Ltd
26 July 2007

26 July 2007



           Invista Foundation Property Trust Limited (the "Company")



                    ANNOUNCEMENT OF NAV AND INTERIM DIVIDEND



Invista Foundation Property Trust Limited is pleased to announce a Net Asset
Value of 148.89 pence per share as at 30 June 2007 and an interim dividend of
1.6875 pence per share in respect of the period 1 April 2007 to 31 June 2007.
The dividend payment will be made on 17 August 2007 to shareholders on the
register on 3 August 2007.  The ex-dividend date will be on 1 August 2007.



The Company's NAV of 148.89 pence per share reflects an uplift of 6.69 pence per
share, or 4.70% over the quarter, and 21.09 pence per share or 16.50% over the
twelve months to June.  This results in a total NAV return for shareholders over
the twelve months to June 2007 of approximately 22.40%.  The reported NAV takes
account of a performance fee accrual to Invista Real Estate Investment
Management, the Investment Manager.



The quarterly NAV uplift followed an increase in the value of the underlying
property portfolio held over the quarter of £17.8 million or 2.5%.  The total
NAV uplift over the quarter was £23.53 million with £6.73 million of this
attributable to an increase in the mark to market value of the Company's
interest rate swap.  As at 30 June 2007 the Company and its subsidiaries own
property assets valued at £722 million.



Key highlights during the quarter include:



•        The Company issued £111 million of AAA-rated securitised debt at a
margin of 0.25%.  This has been used to re-finance £70 million of
non-securitised debt at a materially lower rate, with the balance used to fund
ongoing asset management projects and selective acquisitions



•        The Company's Central London office investments continue to perform
strongly, increasing in value by £11.6 million over the quarter.  The Company's
21.6% interest in Portman Square House, London W1 increased by £1.86 million or
6% to £33.6 million reflecting the strong rental growth in anticipation of key
rent reviews in 2008



•        The Salisbury retail warehouse investment, increased in value by
£700,000 or 4.44% over the quarter to £16.45 million.  This increase in value
followed the receipt of planning as well as completing a new lease 20% ahead of
the rental value at acquisition.  The new lease increases the rent by £300,000
to £820,000 per annum, which following forthcoming rent reviews, should result
in a yield on gross purchase cost of approximately 6.0%



•        Having secured a retail warehouse planning consent at Hinckley last
quarter, planning for a major refurbishment and extension of the office in
Uxbridge has also been obtained.  The consent increases the area from 39,000 sq
ft to 70,000 sq ft.  The current leases at the property expire this September
and a development is being considered



•        The Company has now exchanged all of the agreements required to
commence the major refurbishment project at the retail investment at Victoria
Plaza, Bolton.  This will increase the current rent from £470,000 per annum to
£720,000 per annum with capital expenditure of £1.8 million. The valuation has
increased to £11 million, an uplift of £850,000 or 8.4% over the quarter



•        During the quarter the Company exchanged and subsequently completed the
disposal of a shop in Northampton for £2.54 million, reflecting a net initial
yield of 4.5%.  The Company also sold its health and fitness club in Sefton for
£12.83 million, reflecting a profit of £1.9 million over the gross purchase cost
in March 2006 of £10.9 million.  Finally, the Company has exchanged contracts to
sell a small shop in York for £1.94 million, 28% above the March 2007 valuation.



Commenting on the announcement, Duncan Owen, Chief Executive, Invista Real
Estate Investment Management, said:



"The Company's portfolio is strongly positioned providing a combination of
active management opportunities to generate capital growth as well as having
strong income characteristics. This prepares the Company well for the next
period in the UK market.



"In addition, we are pleased to report that the Company has taken some important
steps this quarter in progressing key asset management initiatives.



"At Bolton, we are delighted that this major refurbishment project can now
commence, involving the conversion of vacant first floor storage space to
retail.  This initiative has involved negotiations with six separate retailers
and has taken over three years, illustrating the challenges faced in
implementing certain complex projects.  By contrast, the initiative at Salisbury
has progressed more quickly than anticipated and is another example of the
Company acquiring assets with strong property fundamentals with opportunities
for growth through pro-active asset management.



"The completion of the shop disposals of Northampton and the impending
completion of York at a price 28% above valuation shows that it is still
possible to achieve premium prices. The Company has successfully sold 10 small
retail properties in the last 15 months, crystallising significant valuation
gains.  The disposal of Sefton crystallised a material profit ahead of
expectations.



"The asset management initiatives such as Hinckley, Uxbridge and other
interesting opportunities within the portfolio, combined with the Company's
exposure in the Central London office markets should ensure continued future
growth.  In addition, the debt raised over the quarter is immediately accretive
to earnings."





                                     -ENDS-


For further information:

Duncan Owen
Invista Real Estate Investment Management                     Tel: [phone]

David Sauvarin
Northern Trust International Fund Administration services
(Guernsey) Ltd
                                                              Tel: [phone]
Stephanie Highett / Dido Laurimore
Financial Dynamics                                            Tel: [phone]






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