TORONTO - Inovalis Real Estate Investment Trust (the 'REIT') (TSX: INO.UN) announced that its Board of Trustees has declared the REIT's monthly cash distribution for the months of December 2022, January and February 2023 as per the following schedule:

Month Record Date Distribution Date Distribution Amount

December, 2022 December 30, 2022 January 16, 2023 $0.034375

January, 2023 January 31, 2023 February 15, 2023 $0.034375

February, 2023 February 28, 2023 March 15, 2023 $0.034375

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 14 assets representing 470 million Euros of AuM. 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.

Contact:

David Giraud

Chief Executive Officer

Inovalis Real Estate Investment Trust

Tel: +33 1 5643 3323

E: david.giraud@inovalis.com

Khalil Hankach

Chief Financial Officer

Inovalis Real Estate Investment Trust

Tel: +33 1 5643 3313

E: khalil.hankach@inovalis.com

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