NRE North Real

RNS Number:8630Z
North Real Estate Opportunities Fd
09 July 2007






9 July 2007



                  NORTH REAL ESTATE OPPORTUNITIES FUND LIMITED


   Acquisition of Management Contract by Absolute Capital Management Holdings
                      Limited from North Asset Management



North Real Estate Opportunities Fund ("NRE") today announces the acquisition of
its management contract by Absolute Capital Management Holdings Limited ("ACMH")
from North Asset Management "North".

Robert Provine and Magnus Lofgren, the property investment principals of North
and existing key managers of the fund will join ACMH.

ACMH is a specialist fund management company focused on delivering investment
returns through the management of absolute return funds. It listed on the AIM
market of the London Stock Exchange and post completion will manage 12 funds and
have in excess of Euro3.25 billion under management.

North Real Estate Opportunities Fund was launched in August 2006 when it was
listed on the AIM market of the London Stock Exchange raising Euro100 million.
Since that time it has achieved rapid growth and strong returns. NRE has
committed substantially 100% of its available equity to investment and
development projects, ahead of expectations.

ACMH is committed to supporting the continued rapid growth of NRE including its
plans for a further capital raising to fund a further pipeline of development
transactions in Ukraine and Romania.

The Board of NRE proposes to change the name of NRE to Absolute Real Estate
Opportunities Fund in due course.


Commenting on the acquisition, Robert Provine said:

"We are delighted with the acquisition and to be joining Absolute Capital.  We
believe their expertise will help us progress NRE to its next stage enabling us
to play a more active role across our target markets. North Asset Management has
been an excellent partner and its support and investment has been fundamental to
the Fund's success to date. We are very grateful to the North team and look
forward to joining Absolute Capital."

North Asset Management, Managing Partner Nick D'Onofrio, added:

"North Real Estate Opportunities Fund has been an excellent investment for North
Asset Management. It has performed extremely well while under the North
umbrella, and we have enjoyed working with Robert and Magnus. The sale will
allow us to concentrate on our core businesses, the flagship MaxQ and North
Diversified Funds. The offer from Absolute Capital Management suits us
strategically and is recognition of the value we have contributed to the Fund."



                                   -  Ends  -



Enquiries:

North Real Estate Opportunities Fund Ltd                +44 207 590 7600
Robert Provine, mobile                                  +44 7725 960 101

Oriel Securities Limited                                +44 207 710 7600
Tom Durie

Merlin                                                  +44 207 653 6620
Angus Urquhart, mobile                                  +44 7787 504 447




Notes to Editors


About NRE

NRE is a closed-ended investment company, incorporated on 14 July 2006 in
Guernsey.  The Company is listed on the London Stock Exchange's AIM market.  NRE
invests in the commercial property markets of central and Eastern Europe.  These
target countries include Poland, the Czech Republic, Slovakia, Hungary, Romania,
Bulgaria, Ukraine and Moldova.  The Company's investment objective is to provide
investors with a high level of risk adjusted total returns derived principally
from rental income and capital appreciation from the acquisition, development
and active asset management of its property investments.


About ACMH

Absolute Capital Management Holdings Limited is a specialist fund management
company focused on delivering investment returns through the management of
absolute return funds in equities and fixed income products, since inception in
2004.  The enlarged company now has offices in the Cayman Islands, Switzerland,
the United Kingdom, Singapore, Spain, Cyprus, Poland and Brazil.  Post
completion the group will manage 12 funds and have in excess of Euro3.25 billion
under management.  ACM listed on AIM on 3rd March 2006.







                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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