Quarterly factsheet

Invista Foundation Property Tst Ltd
21 May 2007


Invista Foundation Property Trust Limited
Factsheet - 31 March 2007



Key highlights



•         Quarterly NAV uplift to March 2007 of 4.45 pence per share or 3.25%
•         Total NAV return for the year to December 2006 of 24.6%
•         Significant asset management success across the portfolio


Investment Objective


To provide shareholders with an attractive level of income together with the
potential for income and capital growth from investing in UK commercial
property.



Key Statistics


NAV per share (31/03/2007)                           141.42 pence per share
Mid share price (14/05/2007)                         129.25 pence per share
Gross property value (31 March 2007)                 £709.5 million
On-balance sheet debt (LTV)                          £221.6 million (31.2%)
Consolidated debt (LTV)                              £407.6 million (45.5%)
Ex Div date                                          2 May 2007



Company performance overview



Net Asset Value - As at 31 March 2007 the Company's NAV was 141.42 pence per
share (pps), an uplift of 4.45 pence per share or 3.5% over the December figure
of 136.97 pps.  The sustained NAV growth for this quarter is slightly ahead of
that which was achieved for the three months to 31 December 2007 of 4.1 pps or
3.1%.  Over the 12 months to 31 March 2007 the Company's NAV increased by 21.84
pps or 18.26% and combined with the dividend provided our Shareholders with a
total NAV return of approximately 24.6%.  These results are after the accrual of
a performance fee to the Investment Manager.



Property performance relative to peer group - The UK IPD Property Index has
independently assessed the underlying performance of the Company's property
portfolio.  Over the quarter to 31 March 2007, IPD calculate a total return for
the Company of 5.0%, reflecting capital growth over the quarter of 3.5%.  This
compares to the Company's IPD peer group benchmark of 2.2% and 1% respectively.
The Company is placed top in its IPD Benchmark of 63 Funds for the 12 months to
March 2007.



Portfolio value - The Company's property portfolio was valued at £709.5 million
as at 31 March 2007, comprising 72 properties with an average lot size of £9.85
million.  The like-for-like capital uplift of properties held over the over the
quarter was £21.7 million.  Central London properties contributed £14 million of
this uplift, driven by sustained investor demand, rental growth and asset
management successes.  The six key Central London offices acquired in late 2005
and early 2006 for a total consideration of £165 million are now valued at
£251.5 million, reflecting an uplift of £86.5 million or 52%.



Market - Capital growth across the UK property market is slowing although there
is a distinct difference in performance across sectors.  IPD calculate Central
London office total returns for the 12 months to 31 March 2007 of 25.1%,
significantly ahead of retail which delivered 12.7% and industrial 15.4%.



Portfolio structure



Sector weightings


Retail                                                                       21%
Offices                                                                      53%
Industrial                                                                   21%
Other                                                                         5%
Total                                                                        100%

Note:  As at 31/03/2007, excluding Lancaster and including the retail warehouse
development funding at Basingstoke at the maximum commitment



Regional weightings


Central London                                                               33%
South East excl. Central London                                              33%
Rest of South                                                                10%
Midlands and Wales                                                           14%
North and Scotland                                                           10%
Total                                                                        100%

Note:  As at 31/03/2007, excluding Lancaster and including the retail warehouse
development funding at Basingstoke at the maximum commitment




10 largest holdings                                                                   Value (£)         %*
National Magazine House, Broadwick Street, London W1                                 57,400,000       8.0%
Minerva House, London SE1                                                            57,400,000       8.0%
Plantation Place, London EC3                                                         50,293,000       7.0%
Portman Square, London W1                                                            31,710,000       4.4%
6 - 8 Tokenhouse Yard, London EC2                                                    24,750,000       3.4%
MidCity Place, London WC1                                                            21,789,000       3.0%
The Galaxy, Luton                                                                    21,750,000       3.0%
Reynards Business Park, Brentford                                                    20,500,000       2.8%
Victory House, Brighton                                                              20,500,000       2.8%
Olympic Office Centre, Wembley                                                       18,500,000       2.6%
Total as at March 2007                                                              324,593,000      45.0%

*Percentage of Gross Asset Value


10 largest Tenants                                                                         Rent         %*
The National Magazine Co Limited                                                      2,300,587       7.7%
Mott MacDonald Limited                                                                1,307,374       4.4%
Reed Smith Services                                                                   1,295,374       4.3%
The British Broadcasting Corporation                                                    850,100       2.9%
Diageo PLC                                                                              795,975       2.7%
Recticel SA                                                                             727,128       2.4%
Total Fitness (UK) Limited                                                              678,540       2.3%
Motorhouse 2000 Limited                                                                 570,150       1.9%
Partners of Irwin Mitchell Solicitors                                                   547,000       1.8%
Partners of Veale Wasborough Solicitors                                                 507,345       1.7%
Total as at March 2007                                                                9,579,347      32.1%

*Percentage of Total Rental Income per annum









Acquisitions



The Company acquired a retail warehouse investment in Salisbury for £15.02
million.  The property adjoins a Waitrose supermarket and one of the three units
is vacant.  Good progress is being made in letting the vacant unit, with terms
agreed ahead of rental expectations, leading to an increase in value to £15.75
million.



Following receipt of planning consent for the pre-let retail warehouse
investment in Basingstoke, the Company acquired the site for £3.925 million and
has begun funding development with completion expected in late 2007.  The
property will be let to Wickes for 25 years at circa £692,250 per annum.  The
Company has committed to invest £11.9 million which reflects a yield of 5.7%.



Disposals



The Company has continued to make opportunistic disposals, particularly of
smaller retail properties.  During the quarter two shops in Peterborough and
Lancaster were sold for a total consideration of £4.38 million.  The shop in
Lancaster sold for £1.85 million, 20% ahead of the December valuation of £1.54
million.



Active Asset Management



At Minerva House, London SE1, the lease to ANZ Bank of the lower ground to
second floor at £1.485 million per annum has been taken back with the tenant
paying a premium of £2.4 million.  Simultaneously, the Company has completed an
agreement for lease with Synovate, guaranteed by Aegis Group PLC, for a new 15
year lease at £1.9 million per annum.  The Company will refurbish the space as
part of granting the new lease.  Rental income from the asset will increase to
£3.23 million per annum, an increase of £470,000 per annum, or 17% above the
rent receivable upon acquisition in August 2005.  The average lease length at
the building will also increase from eight to approximately 13 years.



At Hinckley, outline planning consent has been secured for a 100,000 sq ft
retail warehouse park and 20,000 trade counter development.  This development
will be sited on the existing 159,500 sq ft industrial building where the lease
was recently taken back with the tenant paying a premium of £700,000.  The
Company is considering development with pre-lets.



At Uxbridge, a planning application has been submitted to extend and
comprehensively refurbish the office building, increasing the area from 39,000
sq ft to 71,000 sq ft.  The Company hopes to obtain the planning consent shortly
before the tenant's lease expires in September 2007.



Finance



The Company expects to issue £120 million of additional securitised debt during
May 2007, termed 'Reserve Notes'.  This will be used to repay existing
off-balance sheet debt that is not securitised, make selective new acquisitions
and pay for major asset management projects such as Minerva House and Hinckley.





Contacts



Broker:



JP Morgan Cazenove
Tel:  [phone]
Richard Cotton (Managing Director, Corporate Finance)
Angus Gordon Lennox (Managing Director, Corporate Finance)



Public Relations:


Financial Dynamics
Tel:  [phone]
Stephanie Highett
Dido Laurimore





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