Inovalis Real Estate Investment Trust Announces a Change of Auditor

Inovalis Real Estate Investment Trust (the “REIT”) (TSX: INO.UN) today announced the appointment of Ernst & Young Audit located in Paris, France as the auditor of the REIT.

On March 29, 2023, the Board of Trustees of the REIT concluded that it was in the best interest of the REIT to propose that Unitholders of the REIT approve the appointment of Ernst & Young Audit as the new auditors of the REIT to replace Ernst & Young LLP, located in Canada, upon the expiration of Ernst & Young LLP’s term at the annual general meeting on May 9, 2023, until the next annual meeting of Unitholders of the REIT. The change from Ernst & Young LLP to Ernst & Young Audit was recommended on the basis that it would be more efficient to use European based auditors qualified to audit Canadian public companies as the REIT’s operations are based in Europe.

As indicated in the Notice of Change of Auditor dated March 30, 2023 and filed on SEDAR, there were no reportable events (including disagreements, unresolved issues and consultations) in connection with the audits of the REIT’s financial statements by Ernst & Young LLP for the two most recently completed financial years as at the date of the Notice of Change of Auditor, being the reports for the financial years ended December 31, 2022 and 2021.

On May 9, 2023, Unitholders of the REIT voted 97.5% in favour of the appointment of Ernst & Young Audit.

About Inovalis REIT

Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange in Canada. It was founded in 2013 by Inovalis and invests in office properties in primary markets of France, Germany and Spain. It holds 13 assets. Inovalis REIT acquires (indirectly) real estate properties via CanCorpEurope, authorized Alternative Investment Fund (AIF) by the CSSF in Luxemburg, and managed by Inovalis S.A.

About Inovalis Group

Inovalis S.A. is a French Alternative Investment fund manager, authorized by the French Securities and Markets Authority (AMF) under AIFM laws. Inovalis S.A. and its subsidiaries (Advenis S.A., Advenis REIM) invest in and manage Real Estate Investment Trusts such as Inovalis REIT, open ended funds (SCPI) with stable real estate focus such as Eurovalys (for Germany) and Elialys (Southern Europe), Private Thematic Funds raised with Inovalis partners to invest in defined real estate strategies and direct Co-investments on specific assets

Inovalis Group (www.inovalis.com), founded in 1998 by Inovalis SA, is an established pan European real estate investment player with EUR 7 billion of AuM and with offices in all the world's major financial and economic centers in Paris, Luxembourg, Madrid, Frankfurt, Toronto and Dubai. The group is comprised of 300 professionals, providing Advisory, Fund, Asset and Property Management services in Real Estate as well as Wealth Management services.

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For further information:

David Giraud, Chief Executive Officer
Inovalis Real Estate Investment Trust
Tel: +33 1 5643 3323
[email protected]

Khalil Hankach, Chief Financial Officer
Inovalis Real Estate Investment Trust
Tel: +33 1 5643 3313
[email protected]