Hunter "instrumental" at Treveria

Ian Henderson, outgoing chairman of Treveria plc., the German real estate investment company, described David Hunter as "instrumental" in stabilising the day-to-day management of the group's extensive portfolio during last year's troubled period when Treveria extracted itself from its management relationship with the Dawnay, Day group.

Announcing Treveria's preliminary results for the twelve months ended 31 December 2008, Henderson said that one of the most significant corporate failures reported within the UK in mid-2008 was that of companies owned by Dawnay, Day. At the time, Treveria's asset manager was Dawnay, Day Treveria Real Estate Asset Management Limited ('DDTREAM') and the group's property manager was Dawnay, Day Property Investment GmbH ('DDPI').

"The global credit crisis started to gather momentum from August 2007 and liquidity in the banking markets declined rapidly," said Henderson. "Concerns over our gearing level combined with expectations that property valuations would fall led to a significant decline in the Company's share price through the first half of 2008 and prompted the Board to announce a strategic review on 9 June 2008 to seek ways to protect shareholder value".

David Hunter, an adviser to the Treveria board since 2005, worked closely with Ian Henderson on the strategic review and management solution, which Henderson described as "a very complex set of challenges generated by the declining share price and the collapse of Dawnay, Day."

"From the end of August 2008 a number of key DDTREAM staff were made redundant by Dawnay, Day and we had to act quickly to preserve an effective management team for our business" said Henderson. "This led to us setting up wholly owned subsidiary companies, Treveria Asset Management Limited ('TAML') in the UK and TAM Gmbh in Germany.

"David Hunter also took on the role of chairman of TAML and TAM Gmbh from September 2008, and, in his capacity as a member of the Investment Committee, has been instrumental in helping to maintain sound investment and divestment decisions through the intervening period."

Following the internalization of the asset management function, the overall annual cost of asset and property management within the Group is expected to be between €2.5 million and €3 million less than under Dawnay, Day's management.

Ian Henderson is replaced by Nicholas Cournoyer as chairman of Treveria plc.