TR-1: Notifications of Major Interests in Shares


1. Identity of the issuer or the                      Real Estate Investors PLC
underlying issuer of existing shares
to which voting rights are attached:

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights            X

An acquisition or disposal of financial instruments
which may result in the acquisition of shares already
issued to which voting rights are attached

An event changing the breakdown of voting rights

Other (please specify)

3. Full name of person(s)                            Caledonia Investments plc
subject to notification
obligation:

4. Full name of shareholder(s)
(if different from 3):

5. Date of transaction (and                          8 January 2009
date on which the threshold is
crossed or reached if
different):

6. Date on which issuer                              12 January 2009
notified:

7. Threshold(s) that is/are                          25%
crossed or reached:

8: Notified Details
A: Voting rights attached to shares

Class/type         Situation        Resulting situation after the
 of                previous to      triggering transaction
shares             the triggering
If                 transaction
possible
use ISIN
code
              Number      Number     Number     Number of          Percentage
              of          of         of         voting rights      of voting
              shares      voting     shares                        rights
                          rights

                                                Direct Indirect Direct Indirect

GB00B014B855  82,915,000  82,915,000 86,915,000 86,915,000      25.51%
Ordinary 1p
shares


B: Financial Instruments

Resulting situation after the triggering transaction

Type of     Expiration  Exercise/   No. of voting   Percentage
financial   date        conversion  rights that     of voting
instrument              period/date may be          rights
                                    acquired (if
                                    the
                                    instrument
                                    exercised/con
                                    verted)


Total (A+B)

Number of voting rights         Percentage of voting rights

86,915,000                                         25.51%

9. Chain of controlled undertakings through which the voting
rights and /or the financial instruments are effectively held,
if applicable:

Proxy Voting:

10. Name of proxy holder:

11. Number of voting rights
proxy holder will cease to
hold:

12. Date on which proxy holder
will cease to hold voting
rights:

13. Additional information:                         None

14 Contact name:                                    Krista Burwood

15. Contact telephone name:                         0207 802 8080