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|   | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
|--------|--------------------------------------------------|

|   | THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-------------------------------------|

|    ROYAL INVEST INTERNATIONAL CORP.          |
|-------------------------------------------------------------|
| (Exact name of registrant as specified in its charter) |

| Delaware                                                       |   | 98-0215778                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

|  980 Post Road East, 2nd Floor            |   |       |
|------------------------------------------------|--------|------------|
|  Westport. Connecticut, USA               |   | 06880      |
|  (Address of principal executive offices) |   | (Zip Code) |

| 595 Fifth Avenue, 4th Floor                                   |
|---------------------------------------------------------------|
| New York, New York 10017                                      |
| (Former Name or Former Address, if changed since last report) |

|  Large accelerated filer    |  Accelerated filer     |  Non-accelerated filer       |  Smaller reporting company    x |
|---------------------------------------------------------|---------------------------------------------------------|-------------------------------------------------------------------------|-----------------------------------------------------|

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TABLE OF CONTENTS

| Item #             |   | Description                                                                                                   |   | Page Numbers |
|--------------------|--------|---------------------------------------------------------------------------------------------------------------|--------|--------------|
|               |   |                                                                                                          |   |         |   |
|               |   | PART I                                                                                                        |   |  3      |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 1             |   | BUSINESS                                                                                                      |   | 3            |   |
|               |   |                                                                                                          |   |         |   |
|  ITEM 1A      |   | RISK FACTORS                                                                                                  |   |  7      |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 1B            |   |  UNRESOLVED STAFF COMMENTS                                                                               |   |  11     |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 2             |   | PROPERTIES                                                                                                    |   | 11           |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 3             |   | LEGAL PROCEEDINGS                                                                                             |   | 13           |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 4             |   | SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS                                                         |   | 13           |   |
|               |   |                                                                                                          |   |         |   |
|               |   | PART II                                                                                                       |   |  14     |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 5             |   | MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES |   |  14     |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 6        |   |  SELECTED FINANCIAL DATA                                                                                 |   |  15     |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 7             |   | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS                         |   |  17     |   |
|               |   |                                                                                                          |   |         |   |
|  ITEM 7A      |   |  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                                              |   |  21     |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 8             |   | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA                                                                   |   | 22           |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 9             |   | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE                          |   | 47           |   |
|               |   |                                                                                                          |   |         |   |
|  ITEM 9A      |   | CONTROLS AND PROCEDURES                                                                                       |   |  47     |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 9A(T)         |   | CONTROLS AND PROCEDURES                                                                                       |   | 47           |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 9B            |   | OTHER INFORMATION                                                                                             |   | 47           |   |
|               |   |                                                                                                          |   |         |   |
|               |   | PART III                                                                                                      |   |  48     |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 10            |   | DIRECTORS, EXECUTIVE OFFICERS, CORPORATE GOVERNANCE                                                           |   | 48           |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 11            |   | EXECUTIVE COMPENSATION                                                                                        |   | 49           |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 12            |   | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT  AND RELATED STOCKHOLDER MATTERS          |   | 50           |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 13            |   | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE                                     |   | 51           |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 14            |   | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                                                        |   | 52           |   |
|               |   |                                                                                                          |   |         |   |
|               |   |  PART IV                                                                                                 |   |  53     |   |
|               |   |                                                                                                          |   |         |   |
| ITEM 15            |   | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES                                                                    |   | 53           |   |
|               |   |                                                                                                          |   |         |   |
|               |   | SIGNATURES                                                                                                    |   | 55           |   |
|               |   |                                                                                                          |   |         |   |
|  EXHIBIT 21   |   | DIRECT AND INDIRECT SUBSIDIARIES OF ROYAL INVEST INTERNATIONAL CORP.                                          |   |         |   |
|               |   |                                                                                                          |   |         |   |
|  EXHIBIT31.1  |   | SECTION 302 CERTIFICATION OF CHIEF EXECUTIVE OFFICER                                                          |   |         |   |
|               |   |                                                                                                          |   |         |   |
|  EXHIBIT 31.2 |   | SECTION 302 CERTIFICATION OF CHIEF FINANCIAL OFFICER                                                          |   |         |   |
|               |   |                                                                                                          |   |         |   |
| EXHIBIT 32.1       |   | SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER                                                          |   |         |   |
|               |   |                                                                                                          |   |         |   |
| EXHIBIT 32.2       |   | SECTION 906 CERTIFICATION OF CHIEF FINANCIAL OFFICER                                                          |   |         |   |

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PART I

ITEM 1           BUSINESS

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ITEM 1A - RISK FACTORS

Factors That May Affect Our Future Results

Cautionary Statements under the Private Securities Litigation Reform Act of 1995.

Certain information included in this report or in other materials we have filed or will file with the Securities and Exchange Commission (the “SEC”) (as well as information included in oral statements or other written statements made or to be made by us) contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might” and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. Such statements include information relating to anticipated operating results, financial resources, changes in revenues, changes in profitability, interest expense, growth and expansion, anticipated income to be realized from our investments in unconsolidated entities, the ability to acquire land, the ability to gain approvals and to open new communities, the ability to sell properties, the ability to secure materials and subcontractors, the ability to produce the liquidity and capital necessary to expand and take advantage of opportunities in the future, and stock market valuations. From time to time, forward-looking statements also are included in our other periodic reports on Forms 10-Q and 8-K, in press releases, in presentations, on our website and in other material released to the public.

Any or all of the forward-looking statements included in this report and in any other reports or public statements made by us may turn out to be inaccurate.  This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties.  Many factors mentioned in this report or in other reports or public statements made by us, such as government regulation and the competitive environment, will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.

We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent reports on Forms 10-K, 10-Q and 8-K should be consulted. The following cautionary discussion of risks, uncertainties and possible inaccurate assumptions relevant to our business includes factors we believe could cause our actual results to differ materially from expected and historical results. Other factors beyond those listed below, including factors unknown to us and factors known to us, which we have not determined to be material, could also adversely affect us. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.

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Our control shareholders may effectively exercise control over matters requiring shareholder approval.

As of December 31, 2007, ECM Hoff Holding BV beneficially owns approximately 49.6% of our outstanding common shares and Muermans Vast Goed Roermond BV beneficially owns approximately 39.5% of our outstanding common shares.  Together they effectively have the power to elect all of the directors and control the management, operations and affairs of our Company. Their ownership may discourage someone from making a significant equity investment in our Company, even if we needed the investment to operate our business.  Their holdings could be a significant factor in delaying or preventing a change of control transaction that other shareholders may deem to be in their best interests, such as a transaction in which the other shareholders would receive a premium for their shares over their current trading prices.

Our cash flows and results of operations could be adversely affected if legal claims are brought against us and are not resolved in our favor.

Claims have been brought against us in legal proceedings, which have not had, and are not expected to have, a material adverse effect on our business or financial condition.  Should claims be filed in the future, it is possible that our cash flows and results of operations could be affected, from time to time, by the negative outcome of one or more of such matters.

Risks Related to Our Business and Properties

We may suffer losses at our properties that are not fully covered by insurance.

We carry comprehensive liability, fire, extended coverage, terrorism and rental loss insurance covering all of our properties.  We believe the policy specifications and insured limits are appropriate given the relative risk of loss, the cost of the coverage and industry practice.  None of the entities carry insurance for generally uninsured losses such as losses from riots, war, acts of God or mold.  Some of the policies, like those covering losses due to terrorism and floods, are insured subject to limitations involving large deductibles or co-payments and policy limits, which may not be sufficient to cover losses.  If we experience a loss which is uninsured or which exceeds policy limits, we could lose the capital invested in the damaged property as well as the anticipated future cash flows from that property.  In addition, if the damaged property is subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if it was irreparably damaged.

Future terrorist attacks in Europe could harm the demand for and the value of our properties.

Future terrorist attacks in Europe, such as the attacks that occurred in London and Madrid, and other acts of terrorism or war could harm the demand for, and the value of, our properties.  A decrease in demand could make it difficult for us to renew or re-lease our properties at lease rates equal to, or above, historical rates.  Terrorist attacks also could directly impact the value of our properties through damage, destruction, loss, or increased security costs, and the availability of insurance for these acts may be limited or costly.  To the extent that our tenants are impacted by future attacks, their ability to honor obligations under their existing leases with us could be adversely affected.

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The value of our properties are subject to risks associated with real estate assets and with the real estate industry in general.

We depend on our ability to generate revenues in excess of expenses, scheduled principal payments on debt and capital expenditure requirements. Events and conditions generally applicable to owners and operators of real property that are beyond our control that could impact the value of our properties include:

· local oversupply, increased competition or reduction in demand for office, business centers or multifamily properties;

· inability to collect rent from tenants;

· vacancies or our inability to rent space on favorable terms;

· increased operating costs, including insurance premiums, utilities and real estate taxes;

· costs of complying with changes in governmental regulations;

· the relative illiquidity of real estate investments;

· changing market demographics; and

· inability to acquire and finance properties on favorable terms.

In addition, periods of economic slowdown or recession, rising interest rates subject to cap limitations or declining demand for real estate, or the public perception that any of these events may occur, could result in a general decline in rents or in increased defaults under existing leases, which could adversely affect our financial condition, results of operations, cash flow, and ability to satisfy our debt service obligations.

We face significant competition, which may decrease the occupancy and rental rates of our properties.

We compete with several developers, owners and operators of commercial real estate, many of which own properties similar to ours.  Our competitors may be willing to make space available at lower prices than the space in our properties.  If our competitors offer space at rental rates below current market rates, we may lose potential tenants and be pressured to reduce our rental rates to retain an existing tenant when its lease expires.  As a result, our financial condition, results of operations, cash flow, and ability to satisfy our debt service obligations could be adversely affected.

Our debt level could expose us to the risk of default under our debt obligations.

Payments of principal and interest on borrowings could leave us with insufficient cash resources to operate our properties.  Our level of debt could have significant adverse consequences, including:

· cash flow may be insufficient to meet required principal and interest payments;

· we may be unable to borrow additional funds as needed or on favorable terms;

· we may be unable to refinance our indebtedness at maturity or the terms may be less favorable than the terms of our original indebtedness;

· we may be forced to dispose of one or more of our properties, possibly on disadvantageous terms;

· we may default on our obligations and the lenders or mortgagees may foreclose on the properties securing their loans or receiving an assignment of rents and leases;

· we may violate restrictive covenants in our loan documents, which would entitle the lenders to accelerate our debt obligations; and

· default under any one of the mortgage loans with cross default provisions could result in a default on other indebtedness.

If any one of these events were to occur, our financial condition, results of operations, cash flow, our ability to satisfy our debt service obligations could be adversely affected.  

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We could incur significant costs related to government regulation and private litigation over environmental matters.

Under various laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be held liable for contamination resulting from the presence or discharge of hazardous or toxic substances at that property, and may be required to investigate and clean up any contamination at, or emanating from, that property. These laws often impose liability, which may be joint and several, without regard to whether the owner or operator knew of, or was responsible for, the presence of the contaminants. The presence of contamination, or the failure to remediate contamination, may adversely affect the owner’s ability to sell, lease or develop the real estate or to borrow using the real estate as collateral. In addition, the owner or operator of a site may be subject to claims by third parties based on personal injury, property damage or other costs, including costs associated with investigating or cleaning up the environmental contamination present at, or emanating from, a site.

These environmental laws also govern the presence, maintenance and removal of asbestos containing building materials, or “ACBM.”  These laws require that ACBM be properly managed and maintained, and may impose fines and penalties on building owners or operators who fail to comply with these requirements. These laws may also allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers. Some of our properties could contain ACBM.

Some of the properties in our portfolio contain or could have contained, or are adjacent to or near other properties that have contained or currently contain underground storage tanks used to store petroleum products or other hazardous or toxic substances.  These operations create a potential for the release of petroleum products or other hazardous or toxic substances. 

Recent news accounts suggest that there is an increasing amount of litigation over claims that mold or other airborne contaminants have damaged buildings or caused poor health.  Mold and certain other airborne contaminants occur naturally and are present in some quantity in virtually every structure. A plaintiff could successfully establish that mold or another airborne contaminant at one of our properties causes or exacerbates certain health conditions.  We generally have no insurance coverage for the cost of repairing or replacing elements of a building or its contents that are affected by mold or other environmental conditions, or for defending against this type of lawsuit.

We may incur significant costs complying with other regulations.

Our properties are subject to various regulatory requirements, such as fire and life safety requirements. If we fail to comply with these various requirements, we may be fined or have to pay private damage awards.  We believe that our properties materially comply with all applicable regulatory requirements.  These requirements could change in the future requiring us to make significant unanticipated expenditures that could adversely impact our financial condition, results of operations, cash flow, the value of the Units, our ability to satisfy our debt service obligations and to pay distributions.

We may invest in joint ventures, which add another layer of risk to our business.

We may acquire properties through joint ventures, which could subject us to certain risks, which may not otherwise be present, if we made the investments directly. These risks include:

· the potential that our joint venture partner may not perform;

· the joint venture partner may have economic or business interests or goals that are inconsistent with or adverse to our interests or goals;

· the joint venture partner may take actions contrary to our requests or instructions or contrary to our objectives or policies;

· the joint venture partner might become bankrupt or fail to fund its share of required capital contributions;

· we and the joint venture partner may not be able to agree on matters relating to the property; and

· we may become liable for the actions of our third-party joint venture partners.

Any disputes that may arise between joint venture partners and us may result in litigation or arbitration that would increase our expenses and prevent us from focusing our time and effort on the business of the joint venture.

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ITEM 1B           UNRESOLVED STAFF COMMENTS

None.

ITEM 2.             PROPERTIES

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|      | Property     |                      |   | Total Lettable Floor Area (m2) |   |   | Rentable Floor Warehouse / Storage (m2) |   |   | Rentable Floor Business Accommod. (m2) |   |   | Rentable Floor Office Space (m2) |   |   | Total Site Area (m2) |   |   | Total Lettable Floor Area (ft2) |   |    | Rentable Floor Warehouse / Storage (ft2) |     |     | Rentable Floor Business Accommod. (ft2) |   |   | Rentable Floor Office Space (ft2) |     |   | Total Site Area (ft2) |   |
|-----------|--------------|---------------------------|--------|--------------------------------|--------|--------|-----------------------------------------|--------|--------|----------------------------------------|--------|--------|----------------------------------|--------|--------|----------------------|--------|--------|---------------------------------|--------|---------|------------------------------------------|----------|----------|-----------------------------------------|--------|--------|-----------------------------------|----------|--------|-----------------------|--------|
| Alfang BV | Hoofddorp    | Kruisweg 855-859          |   |                           | 1,881  |   |                                    |   |   |                                   |   |   |                             |   | 1,881  |                 |   |   | 4,470                           |   |    |                                     | 20,246.9 |     |                                    |   |   |                              |     |   |                  |   | 20,246.9 |   |   |   | 48,114.7 |   |
| Alfang BV | Hengelo      | Willemstraat 47, 67 en 69 |   |                           | 1,680  |   |                                    |   |   |                                   |   |   |                             |   | 1,680  |                 |   |   | 1,247                           |   |    |                                     | 18,083.4 |     |                                    |   |   |                              |     |   |                  |   | 18,083.4 |   |   |   | 13,422.6 |   |
| Alfang BV | Beverwijk    | Parallelweg 29            |   |                           | 2,975  |   |                                    |   |   |                                   |   |   |                             |   | 2,975  |                 |   |   | 4,808                           |   |    |                                     | 32,022.6 |     |                                    |   |   |                              |     |   |                  |   | 32,022.6 |   |   |   | 51,752.9 |   |
| Alfang BV | Alkmaar      | Schinkelwaard 20          |   |                           | 2,576  |   |                                    |   |   |                                   |   |   |                             |   | 2,576  |                 |   |   | 1,626                           |   |    |                                     | 27,727.8 |     |                                    |   |   |                              |     |   |                  |   | 27,727.8 |   |   |   | 17,502.1 |   |
| Alfang BV | Amsterdam    | Zuidermolenweg 7          |   |                           | 1,250  |   |                                    |   |   |                                   |   |   |                             |   | 1,250  |                 |   |   | 900                             |   |    |                                     | 13,454.9 |     |                                    |   |   |                              |     |   |                  |   | 13,454.9 |   |   |   | 9,687.5 |   |
| Amogb BV  | Roermond     | Productieweg 1            |   |                           | 4,012  |   |                                    |   |   |                                   |   |   |                             |   | 4,012  |                 |   |   | 6,075                           |   |    |                                     | 43,184.8 |     |                                    |   |   |                              |     |   |                  |   | 43,184.8 |   |   |   | 65,390.8 |   |
| Amogb BV  | Vianen       | Stuartweg 2               |   |                           | 5,005  |   |                                    |   |   |                                   |   | 1,885  |                             |   |   | 3,120                |   |   |                            | 12,366 |    |                                     |     | 53,873.4 |                                    |   |   |                              |     |   | 20,290.0              |   |   |   | 33,583.4 |   |   |   | 133,106.5 |   |
| Amogb BV  | Amsterdam    | Nieuwzeelandweg 10        |   |                           | 1,851  |   |                                    |   | 635    |                                   |   |   | 996                              |   |   |                 | 220    |   |                            |   | 5,865   |                                     |     |     | 19,924.0                                |   |   |                              | 6,835.1  |   |                  |   | 10,720.9 |   |   |   | 2,368.1 |   |   |   | 63,130.3 |   |
| RIE       | Woerden      | Edisonweg 9               |   |                           | 775    |   |                                    |   |   |                                   |   |   | 0                                |   |   |                 | 775    |   |                            |   | 762     |                                     |     |     | 8,342.0                                 |   |   |                              |     |   |                  |   |   |   |   |   | 8,342.0 |   |   |   | 8,202.1 |   |
| RIE       | Vianen       | Mijlweg 7                 |   |                           | 3,472  |   |                                    |   | 593    |                                   |   |   | 652                              |   |   |                 | 2,227  |   |                            |   | 3,918   |                                     |     |     | 37,372.3                                |   |   |                              | 6,383.0  |   |                  |   | 7,018.1 |   |   |   | 23,971.2 |   |   |   | 42,173.0 |   |
| RIE       | Utrecht      | Keulsekade 216            |   |                           | 9,004  |   |                                    |   |   |                                   |   |   | 7,771                            |   |   |                 | 1,233  |   |                            |   | 11,565  |                                     |     |     | 96,918.2                                |   |   |                              |     |   |                  |   | 83,646.3 |   |   |   | 13,271.9 |   |   |   | 124,484.6 |   |
| RIE       | Lelystad     | De Schans 1802            |   |                           | 3,119  |   |                                    |   | 900    |                                   |   |   | 491                              |   |   |                 | 1,728  |   |                            |   | 1,658   |                                     |     |     | 33,572.6                                |   |   |                              | 9,687.5  |   |                  |   | 5,285.1 |   |   |   | 18,600.0 |   |   |   | 17,846.6 |   |
| RIE       | Alkmaar      | De Berenkoog 53           |   |                           | 2,010  |   |                                    |   |   |                                   |   |   | 1,334                            |   |   |                 | 676    |   |                            |   | 2,995   |                                     |     |     | 21,635.5                                |   |   |                              |     |   |                  |   | 14,359.1 |   |   |   | 7,276.4 |   |   |   | 32,237.9 |   |
| RIE       | Hilversum    | Franciscusweg 8-10        |   |                           | 11,816 |   |                                    |   |   |                                   |   |   | 1,550                            |   |   |                 | 10,266 |   |                            |   | 12,129  |                                     |     |     | 127,186.4                               |   |   |                              |     |   |                  |   | 16,684.1 |   |   |   | 110,502.3 |   |   |   | 130,555.5 |   |
| RIE       | Badhoevedorp | Sloterweg 22              |   |                           | 2,680  |   |                                    |   |   |                                   |   |   |                             |   |   |                 | 2,680  |   |                            |   | 2,246   |                                     |     |     | 28,847.3                                |   |   |                              |     |   |                  |   |   |   |   |   | 28,847.3 |   |   |   | 24,175.7 |   |
| RIE       | Leeuwarden   | Emmakade 59-60            |   |                           | 5,150  |   |                                    |   | 617    |                                   |   |   |                             |   |   |                 | 4,533  |   |                            |   | 2,234   |                                     |     |     | 55,434.1                                |   |   |                              | 6,641.3  |   |                  |   |   |   |   |   | 48,792.8 |   |   |   | 24,046.6 |   |
| RIE       | Assen        | Schepersmaat 4            |   |                           | 18,338 |   |                                    |   | 400    |                                   |   |   |                             |   |   |                 | 17,938 |   |                            |   | 39,344  |                                     |     |     | 197,388.6                               |   |   |                              | 4,305.6  |   |                  |   |   |   |   |   | 193,083.0 |   |   |   | 423,495.3 |   |
| RIGP1 BV  | Emmerich     | Tachenweide 12            |   |                           | 10,483 |   |                                    |   |   |                                   |   |   | 9,005                            |   |   |                 | 1,478  |   |                            |   | 13,646  |                                     |     |     | 112,838.1                               |   |   |                              |     |   |                  |   | 96,929.0 |   |   |   | 15,909.1 |   |   |   | 146,884.3 |   |
|      |         |                      |   |                           |   |   |                                    |   |   |                                   |   |   |                             |   |   |                 |   |   |                            |   |    |                                     |     |     |                                    |   |   |                              |     |   |                  |   |   |   |   |   |   |   |   |   |   |   |
|      |         | Total                     |   |                           | 88,077 |   |                                    |   | 3,145  |                                   |   |   | 23,684                           |   |   |                 | 61,248 |   |                            |   | 127,854 |                                     |     |     | 948,052.9                               |   |   |                              | 33,852.5 |   |                  |   | 254,932.4 |   |   |   | 659,268.0 |   |   |   | 1,376,208.9 |   |

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|  Buildings    |  25-50 years            |
|--------------------|------------------------------|
|  Improvements |    5-35 years |
|  Equipment    |    5-10 years |

ITEM 3.             LEGAL PROCEEDINGS

ITEM 4.             SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

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PART II

ITEM 5.            MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

|       |   | Three Months Ended |   |
|------------|--------|--------------------|--------|
|       |   | March 31           |   |   | June 30 |   |   | September 30 |   |   | December 31 |   |
| 2009       |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  High |   | $                  | 0.60   |   |   | $ | 0.11 |   |   | $ | 0.11 |   |   | $ | 0.11 |   |
|  Low  |   | $                  | 0.11   |   |   | $ | 0.10 |   |   | $ | 0.03 |   |   | $ | 0.03 |   |
|       |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 2008       |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  High |   | $                  | 1.80   |   |   | $ | 1.05 |   |   | $ | 1.26 |   |   | $ | 1.26 |   |
|  Low  |   | $                  | 0.51   |   |   | $ | 0.13 |   |   | $ | 0.26 |   |   | $ | 0.15 |   |

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| o | Deliver, prior to any transaction involving a penny stock, a disclosure schedule prepared by the Securities and Exchange Commissions relating to the penny stock market, unless the broker-dealer or the transaction is otherwise exempt; |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o | Disclose commissions payable to the broker-dealer and our registered representatives and current bid and offer quotations for the securities; |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------|

| o | Send monthly statements disclosing recent price information pertaining to the penny stock held in a customer’s account, the account’s value and information regarding the limited market in penny stocks; and |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o | Make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction, prior to conducting any penny stock transaction in the customer’s account. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

ITEM 6.             SELECTED FINANCIAL DATA

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|                                                                                                                                                |   | Year Ended December 31, |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|-------------|
|                                                                                                                                                |   | 2009                         |        |   | 2008 |   |
| STATEMENTS OF OPERATIONS DATA                                                                                                                       |   |                         |        |   |   |   |
| REVENUES                                                                                                                                            |   |                         |        |   |   |   |
| Base Rents                                                                                                                                          |   | $                            | 9,837,602   |   |   | $ | 11,072,308 |   |
| Other Income                                                                                                                                        |   |                         | 1,741,898   |   |   |   | 1,779,264 |   |
|                    Total revenues                    |   |                         | 11,579,500  |   |   |   | 12,851,572 |   |
|                                                                                                                                                |   |                         |        |   |   |   |   |   |
| EXPENSES                                                                                                                                            |   |                         |        |   |   |   |   |   |
| Operating Services                                                                                                                                  |   |                         | 2,987,197   |   |   |   | 3,051,116 |   |
| Real Estate Taxes                                                                                                                                   |   |                         | 171,302     |   |   |   | 213,746 |   |
| Fair Value Adjustment on Property                                                                                                                   |   |                         | 38,038,014  |   |   |   | 8,387,914 |   |
| General and Administrative                                                                                                                          |   |                         | 3,380,090   |   |   |   | 6,401,361 |   |
| Depreciation                                                                                                                                        |   |                         | 2,640,782   |   |   |   | 2,997,725 |   |
| Total expenses                                                                                                                                 |   |                         | 47,217,385  |   |   |   | 21,051,862 |   |
|                                                                                                                                                |   |                         |        |   |   |   |   |   |
| OPERATING LOSS                                                                                                                                      |   |                         | (35,637,885 | ) |   |   | (8,200,290 | ) |
|                                                                                                                                                |   |                         |        |   |   |   |   |   |
| OTHER INCOME (EXPENSES)                                                                                                                             |   |                         |        |   |   |   |   |   |
| Interest Expense                                                                                                                                    |   |                         | (7,765,539  | ) |   |   | (8,001,799 | ) |
| Amortization - Deferred Financing Costs                                                                                                             |   |                         | (513,525    | ) |   |   | (535,463 | ) |
| Currency Gain (Loss)                                                                                                                                |   |                         | (86         | ) |   |   | 102,121 |   |
| Change in Value of Derivative Liabilty                                                                                                              |   |                         | -           |   |   |   | 2,313,130 |   |
| Loss on Debt Modification                                                                                                                           |   |                         | -           |   |   |   | (1,416,852 | ) |
| Amortization - Debt Discount                                                                                                                        |   |                         | -           |   |   |   | (541,096 | ) |
|                     Net Other Income (Expenses) |   |                         | (8,279,150  | ) |   |   | (8,079,959 | ) |
|                                                                                                                                                |   |                         |        |   |   |   |   |   |
| Loss Before Income Taxes                                                                                                                            |   |                         | (43,917,035 | ) |   |   | (16,280,249 | ) |
|                                                                                                                                                |   |                         |        |   |   |   |   |   |
| Provision for Income Taxes                                                                                                                          |   |                         | 53,147      |   |   |   | 39,250 |   |
|                                                                                                                                                |   |                         |        |   |   |   |   |   |
| NET LOSS                                                                                                                                            |   | $                            | (43,970,182 | ) |   | $ | (16,319,499 | ) |
|                                                                                                                                                |   |                         |        |   |   |   |   |   |
| NET LOSS PER COMMON SHARE - Basic and Diluted                                                                                                       |   | $                            | (0.29       | ) |   | $ | (0.11 | ) |
|                                                                                                                                                |   |                         |        |   |   |   |   |   |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING                                                                                                          |   |                         | 150,208,861 |   |   |   | 150,208,861 |   |
|                                                                                                                                                |   |                         |        |   |   |   |   |   |
| BALANCE SHEET DATA                                                                                                                                  |   |                         |        |   |   |   |   |   |
|       Land, buildings and amenities, net                                                                                   |   |                         | 93,239,921  |   |   |   | 132,569,118 |   |
|       Total assets                                                                                                    |   |                         | 97,495,151  |   |   |   | 136,130,418 |   |
|         Mortgages and notes payable                                                                              |   |                         | 124,032,521 |   |   |   | 121,849,997 |   |

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ITEM 7.             MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2009   |        |    | 2008   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|---------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |        |    |   |   |
|  Revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | $      | 11,579,500  |    |   | $      | 12,851,572 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |        |    |   |   |   |   |
| Operating Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 2,987,197   |    |   |   | 3,051,116 |   |
| Real Estate Taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 171,302     |    |   |   | 213,746 |   |
| Fair Value Adjustment on Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 38,038,014  |    |   |   | 8,387,914 |   |
| General and Administrative Expenses                                                                                                                                  |   |   | 3,380,090   |    |   |   | 6,401,361 |   |
| Depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   | 2,640,782   |    |   |   | 2,997,725 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |        |    |   |   |   |   |
| Operating Loss                                                                                 |   |   | (35,637,885 | )  |   |   | (8,200,290 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |        |    |   |   |   |   |
| Net Other Expenses                                                                                                           |   |   | (8,279,150  | )       |   |   | (8,079,959 | ) |
| Loss Before Income Taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | (43,917,035 | )       |   |   | (16,280,249 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |        |    |   |   |   |   |
| Provision for Income Taxes                                                                                                   |   |   | 53,147      |    |   |   | 39,250 |   |
| Net Loss                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $      | (43,970,182 | )  |   | $      | (16,319,499 | ) |

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|                  |   |     |   |   | Principal Balance at |    |       |
|-----------------------|--------|----------|--------|--------|----------------------|---------|------------|
|                  |   | Interest |   |   | December 31, 2009    |    |       |
| Lender                |   | Rate     |   |   | in Euros             |    |       | in Dollars**** |   | Maturity |
| Bank of Schotland PLC |   |     | *      |   |                 | € | 79,324,022 |   |   | $ | 113,695,121 |   | December 27, 2013 |
| SNS Bank              |   |     | **     |   |                 |    | 2,621,051  |   |   |   | 3,756,752 |   | Mature *** |
|                  |   |     |   |   |                 | € | 81,945,073 |   |   | $ | 117,451,873 |   |   |
|                  |   |     |   |   |                 |    |       |   |   |   |   |   |   |

| *    | Variable Interest Rate (Quarterly Euribor + 1,32%).                                                                                                |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| **   | Variable Interest Rate (Monthly Euribor + 2%).                                                                                                     |
| ***  | Royal Invest Europe is currently negotiating with the Bank of Schotland to refinance this object under the terms of the current Facility Agreement |
| **** | Currency exchange rate for December 31, 2009 EUR € to US $ = 1.4333                                                                          |

| Year       |   | Amount |       |
|------------|--------|--------|------------|
| 2010       |   |   | 5,798,630  |   |
| 2011       |   |   | 3,632,861  |   |
| 2012       |   |   | 3,196,267  |   |
| 2013       |   |   | 2,202,788  |   |
| 2014       |   |   | 1,283,230  |   |
| Thereafter |   |   | 1,334,252  |   |
|       |   |   |       |   |
| Total      |   | $      | 17,448,028 |   |

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| Report of Independent Registered Public Accounting Firm | Page  23 |
|---------------------------------------------------------|--------------------|

| Consolidated Balance Sheets | 24 |
|-----------------------------|----|

| Consolidated Statements of Operations | 26 |
|---------------------------------------|----|

| Consolidated Statements of Cash Flows | 27 |
|---------------------------------------|----|

| Consolidated Statements of Changes in Stockholders’ Equity (Deficit) | 29 |
|----------------------------------------------------------------------------|----|

| Notes to Consolidated Financial Statements | 30 |
|--------------------------------------------|----|

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|                                                                                                                                     |   | DECEMBER 31, |        |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|-------------|
|                                                                                                                                     |   | 2009         |        |   | 2008 |   |
|                                                                                                                                     |   |         |        |   |  (Restated) |   |
| ASSETS                                                                                                                                   |   |         |        |   |   |   |
|                                                                                                                                     |   |         |        |   |   |   |
| Rental Property                                                                                                                          |   |         |        |   |   |   |
| Land                                                                                                                                     |   | $            | 24,636,955  |   |   | $ | 24,665,981 |   |
| Buildings                                                                                                                                |   |         | 71,605,830  |   |   |   | 108,521,600 |   |
| Improvements                                                                                                                             |   |         | 2,298,069   |   |   |   | 2,216,586 |   |
| Equipment                                                                                                                                |   |         | 320,493     |   |   |   | 105,429 |   |
|                                                                                                                                     |   |         | 98,861,347  |   |   |   | 135,509,596 |   |
| Less - accumulated depreciation                                                                                                          |   |         | (5,621,426  | ) |   |   | (2,940,478 | ) |
|      Net Investment in Rental Property                                                                               |   |         | 93,239,921  |   |   |   | 132,569,118 |   |
|                                                                                                                                     |   |         |        |   |   |   |   |   |
|                                                                                                                                     |   |         |        |   |   |   |   |   |
| Cash and Cash Equivalents                                                                                                                |   |         | 454,854     |   |   |   | 278,817 |   |
| Current Rents Receivable, Net of Allowance for Doubtful Accounts of $251,544 and $130,524 as of December 31, 2009 and 2008, respectively |   |         | 1,446,172   |   |   |   | 521,540 |   |
| Prepaid Expenses and Other Current Assets                                                                                                |   |         | 229,699     |   |   |   | 187,759 |   |
| Deferred Financing Costs, Net                                                                                                            |   |         | 2,088,497   |   |   |   | 2,573,184 |   |
| Net VAT Receivable                                                                                                                       |   |         | 36,008      |   |   |   | - |   |
|      Total Assets                                                                                                    |   | $            | 97,495,151  |   |   | $ | 136,130,418 |   |
|                                                                                                                                     |   |         |        |   |   |   |   |   |
|                                                                                                                                     |   |         |        |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                                                                                           |   |         |        |   |   |   |   |   |
|                                                                                                                                     |   |         |        |   |   |   |   |   |
| LIABILITIES                                                                                                                              |   |         |        |   |   |   |   |   |
| Mortgages Payable                                                                                                                        |   | $            | 117,451,873 |   |   | $ | 115,377,702 |   |
| Accounts Payable                                                                                                                         |   |         | 4,097,371   |   |   |   | 4,675,622 |   |
| Net VAT Payable                                                                                                                          |   |         | -           |   |   |   | 101,722 |   |
| Accrued Expenses and Other Liabilities                                                                                                   |   |         | 18,633      |   |   |   | 81,499 |   |
| Accrued Interest                                                                                                                         |   |         | 8,201,549   |   |   |   | 3,512,371 |   |
| Accrued Interest - Related Parties                                                                                                       |   |         | 946,232     |   |   |   | 312,217 |   |
| Income Taxes Payable                                                                                                                     |   |         | 274,369     |   |   |   | 113,947 |   |
| Loans Payable - Related Parties                                                                                                          |   |         | 1,758,059   |   |   |   | 1,774,449 |   |
| Loans Payable - Other                                                                                                                    |   |         | -           |   |   |   | 211,455 |   |
| Notes Payable - Related Parties                                                                                                          |   |         | 6,580,648   |   |   |   | 6,472,295 |   |
| Convertible Notes                                                                                                                        |   |         | 378,165     |   |   |   | 426,000 |   |
| Rents Received in Advance                                                                                                                |   |         | 539,047     |   |   |   | 409,070 |   |
| Tenants Security Deposits Payable                                                                                                        |   |         | 53,227      |   |   |   | - |   |
| Deferred Income Taxes                                                                                                                    |   |         | 1,092,920   |   |   |   | 1,175,358 |   |
| Liability on Interest Rate Swap Agreement                                                                                                |   |         | 9,219,470   |   |   |   | 5,948,948 |   |
| Total Liabilities                                                                                                                        |   |         | 150,611,563 |   |   |   | 140,592,655 |   |
|                                                                                                                                     |   |         |        |   |   |   |   |   |
| Commitments and Contingencies                                                                                                            |   |         | -           |   |   |   | - |   |
|                                                                                                                                     |   |         |        |   |   |   |   |   |
| STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                           |   |         |        |   |   |   |   |   |
| Preferred Stock, $0.001 par value, 1,000,000 shares authorized; 1,000 shares issued and outstanding                                      |   |         | 1           |   |   |   | 1 |   |
| Common Stock, $0.001 par value; 300,000,000 shares authorized; 150,208,861 shares issued and outstanding                                 |   |         | 150,209     |   |   |   | 150,209 |   |
| Additional Paid-In Capital                                                                                                               |   |         | 22,282,703  |   |   |   | 22,282,703 |   |
| Accumulated Other Comprehesive Loss                                                                                                      |   |         | (11,006,002 | ) |   |   | (6,322,009 | ) |
| Accumulated Deficit                                                                                                                      |   |         | (65,111,573 | ) |   |   | (21,141,391 | ) |
| Total RIIC Stockholders' Equity (Deficit)                                                                                                |   |         | (53,684,662 | ) |   |   | (5,030,487 | )  |
| Non-controlling Interests, Preferred Stock of Subsidiaries                                                                               |   |         | 568,250     |   |   |   | 568,250 |   |
| Total Stockholders' Equity (Deficit)                                                                                                     |   |         | (53,116,412 | ) |   |   | (4,462,237 | )  |
|                                                                                                                                     |   |         |        |   |   |   |   |   |
|      Total Liablities and Stockholders' Equity (Deficit)                                                             |   | $            | 97,495,151  |   |   | $ | 136,130,418 |   |
|                                                                                                                                     |   |         |        |   |   |   |   |   |

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|                                                                                                                                     |   |                |        |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-------------|--------|--------|--------|
|                                                                                                                                     |   | FOR THE YEARS ENDED |        |
|                                                                                                                                     |   | DECEMBER 31,        |        |
|                                                                                                                                     |   | 2009                |        |   | 2008   |   |
| REVENUES                                                                                                                                 |   |                |        |   |   |   |
| Base Rents                                                                                                                               |   | $                   | 9,837,602   |   |   | $      | 11,072,308 |   |
| Other Income                                                                                                                             |   |                | 1,741,898   |   |   |   | 1,779,264 |   |
|                   Total Revenues                    |   |                | 11,579,500  |   |   |   | 12,851,572 |   |
|                                                                                                                                     |   |                |        |   |   |   |   |   |
| EXPENSES                                                                                                                                 |   |                |        |   |   |   |   |   |
| Operating Services                                                                                                                       |   |                | 2,987,197   |   |   |   | 3,051,116 |   |
| Real Estate Taxes                                                                                                                        |   |                | 171,302     |   |   |   | 213,746 |   |
| Fair Value Adjustment on Property                                                                                                        |   |                | 38,038,014  |   |   |   | 8,387,914 |   |
| General and Administrative                                                                                                               |   |                | 3,380,090   |   |   |   | 6,401,361 |   |
| Depreciation                                                                                                                             |   |                | 2,640,782   |   |   |   | 2,997,725 |   |
| Total Expenses                                                                                                                           |   |                | 47,217,385  |   |   |   | 21,051,862 |   |
|                                                                                                                                     |   |                |        |   |   |   |   |   |
| OPERATING LOSS                                                                                                                           |   |                | (35,637,885 | )      |   |   | (8,200,290 | ) |
|                                                                                                                                     |   |                |        |   |   |   |   |   |
| OTHER INCOME (EXPENSES)                                                                                                                  |   |                |        |   |   |   |   |   |
| Interest Expense                                                                                                                         |   |                | (7,765,539  | )      |   |   | (8,001,799 | ) |
| Amortization - Deferred Financing Costs                                                                                                  |   |                | (513,525    | )      |   |   | (535,463 | ) |
| Currency Gain (Loss)                                                                                                                     |   |                | (86         | )      |   |   | 102,121 |   |
| Change in Value of Derivative Liabilty                                                                                                   |   |                | -           |   |   |   | 2,313,130 |   |
| Loss on Debt Modification                                                                                                                |   |                | -           |   |   |   | (1,416,852 | ) |
| Amortization - Debt Discount                                                                                                             |   |                | -           |   |   |   | (541,096 | ) |
|                    Net Other Income (Expenses) |   |                | (8,279,150  | )      |   |   | (8,079,959 | ) |
|                                                                                                                                     |   |                |        |   |   |   |   |   |
| Loss Before Income Taxes                                                                                                                 |   |                | (43,917,035 | )      |   |   | (16,280,249 | ) |
|                                                                                                                                     |   |                |        |   |   |   |   |   |
| Provision for Income Taxes                                                                                                               |   |                | 53,147      |   |   |   | 39,250 |   |
|                                                                                                                                     |   |                |        |   |   |   |   |   |
| NET LOSS                                                                                                                                 |   | $                   | (43,970,182 | )      |   | $      | (16,319,499 | ) |
|                                                                                                                                     |   |                |        |   |   |   |   |   |
| Net Loss Per Common Share:                                                                                                               |   |                |        |   |   |   |   |   |
| Basic and diluted                                                                                                                        |   | $                   | (0.29       | )      |   | $      | (0.11 | ) |
|                                                                                                                                     |   |                |        |   |   |   |   |   |
| Weighted Average Common                                                                                                                  |   |                |        |   |   |   |   |   |
|    Shares Outstanding:                                                                                                    |   |                |        |   |   |   |   |   |
| Basic and diluted                                                                                                                        |   |                | 150,208,861 |   |   |   | 150,208,861 |   |

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|                                                                                      |   |                |        |   |             |   |
|-------------------------------------------------------------------------------------------|--------|---------------------|-------------|--------|------------------|--------|
|                                                                                      |   | FOR THE YEARS ENDED |        |
|                                                                                      |   | DECEMBER 31,        |        |
|                                                                                      |   | 2009                |        |   | 2008             |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                      |   |                |        |   |  (Restated) |   |
| Net Loss                                                                                  |   | $                   | (43,970,182 | )      |             | $      | (16,319,499 | ) |
|                                                                                      |   |                |        |   |             |   |   |   |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities  |   |                |        |   |             |   |   |   |
| Depreciation                                                                              |   |                | 2,640,782   |   |             |   | 2,997,725 |   |
| Amortization - Deferred Financing Costs                                                   |   |                | 513,525     |   |             |   | 535,463 |   |
| Fair Value Adjustment on Property                                                         |   |                | 38,038,014  |   |             |   | 8,387,914 |   |
| Provision for Doubtful Accounts                                                           |   |                | 121,020     |   |             |   | 130,524 |   |
| Deferred Income Tax                                                                       |   |                | (82,438     | )      |             |   | (215,807 | ) |
| Currency Loss (Gain)                                                                      |   |                | 86          |   |             |   | (102,121 | ) |
| Change in Value of Derivative Liability                                                   |   |                | -           |   |             |   | (2,313,130 | ) |
| Loss on Debt Modification                                                                 |   |                | -           |   |             |   | 1,416,852 |   |
| Amortization - Debt Discount                                                              |   |                | -           |   |             |   | 541,096 |   |
| Other                                                                                     |   |                | -           |   |             |   | 2,267 |   |
|                                                                                      |   |                |        |   |             |   |   |   |
|                                                                                      |   |                |        |   |             |   |   |   |
| Changes in operating assets and liabilities                                               |   |                |        |   |             |   |   |   |
| (Increase) Decrease in:                                                                   |   |                |        |   |             |   |   |   |
| Current Rents Receivable                                                                  |   |                | (1,006,819  | )      |             |   | (747,805 | ) |
| Other Receivables                                                                         |   |                | -           |   |             |   | 152,965 |   |
| Net VAT Receivable                                                                        |   |                | (35,037     | )      |             |   | 196,345 |   |
| Income Tax Receivable                                                                     |   |                | -           |   |             |   | 167,272 |   |
| Prepaid Expenses and Other Current Assets                                                 |   |                | (37,750     | )      |             |   | 100,454 |   |
| Deposits                                                                                  |   |                | -           |   |             |   | 221,532 |   |
| Increase (Decrease) in:                                                                   |   |                |        |   |             |   |   |   |
| Accounts Payable                                                                          |   |                | (638,813    | )      |             |   | 1,757,120 |   |
| Net VAT Payable                                                                           |   |                | (100,635    | )      |             |   | 106,170 |   |
| Accrued Expenses and Other Liabilities                                                    |   |                | (62,497     | )      |             |   | 56,574 |   |
| Accrued Interest                                                                          |   |                | 4,505,451   |   |             |   | 4,183,285 |   |
| Accrued Interest - Related Parties                                                        |   |                | 611,824     |   |             |   | - |   |
| Income Taxes Payable                                                                      |   |                | 154,238     |   |             |   | 45,644 |   |
| Rents Received in Advance                                                                 |   |                | 119,807     |   |             |   | 99,394 |   |
| Tenants Security Deposits Payable                                                         |   |                | 51,791      |   |             |   | - |   |
|         Net cash provided by operating activities |   |                | 822,367     |   |             |   | 1,400,234 |   |
|                                                                                      |   |                |        |   |             |   |   |   |
|                                                                                      |   |                |        |   |             |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                      |   |                |        |   |             |   |   |   |
| Property Acquired                                                                         |   |                | (250,722    | )      |             |   | (195,675 | ) |
|         Net cash used in investing activities     |   |                | (250,722    | )      |             |   | (195,675 | ) |
|                                                                                      |   |                |        |   |             |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                      |   |                |        |   |             |   |   |   |
| Proceeds from Mortgages Payable                                                           |   |                | 530,272     |   |             |   | - |   |
| Payments on Mortgages Payable                                                             |   |                | (391,504    | )      |             |   | (1,347,394 | ) |
| Payments on Convertible Notes                                                             |   |                | (47,835     | )      |             |   | - |   |
| Proceeds from Loans Payable - Related Parties                                             |   |                | 611,936     |   |             |   | 400,879 |   |
| Payments on Loans Payable - Related Parties                                               |   |                | (656,789    | )      |             |   | - |   |
| Payments on Loans Payable -Other                                                          |   |                | (209,195    | )      |             |   | - |   |
| Proceeds from Loans Payable -Other                                                        |   |                | -           |   |             |   | 155,080 |   |
|       Net cash used in financing activities                 |   |                | (163,115    | )      |             |   | (791,435 | ) |
|                                                                                      |   |                |        |   |             |   |   |   |
| Net increase in cash and cash equivalents                                                 |   |                | 408,530     |   |             |   | 413,124 |   |
|                                                                                      |   |                |        |   |             |   |   |   |
| Adjustment for change in exchange rate                                                    |   |                | (232,493    | )      |             |   | (311,072 | ) |
|                                                                                      |   |                |        |   |             |   |   |   |
| Cash and cash equivalents, beginning of year                                              |   |                | 278,817     |   |             |   | 176,765 |   |
|                                                                                      |   |                |        |   |             |   |   |   |
| Cash and cash equivalents, end of year                                                    |   | $                   | 454,854     |   |             | $      | 278,817 |   |
|                                                                                      |   |                |        |   |             |   |   |   |

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|                                                            |   | FOR THE YEARS ENDED |      |
|-----------------------------------------------------------------|--------|---------------------|-----------|
|                                                            |   | DECEMBER 31,        |      |
|                                                            |   | 2009                |      |   | 2008 |   |
|                                                            |   |                |      |   |  (Restated) |   |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                |   |                |      |   |   |   |
|                                                            |   |                |      |   |   |   |
| CASH PAID FOR                                                   |   |                |      |   |   |   |
| Interest                                                        |   | $                   | 2,648,265 |   |   | $ | 4,028,493 |   |
| Taxes                                                           |   | $                   | 19,294    |   |   | $ | 209,413 |   |
|                                                            |   |                |      |   |   |   |   |   |
| NON-CASH INVESTING AND FINANCING ACTIVITIES:                    |   |                |      |   |   |   |   |   |
| Accounts Receivable Settled with Amounts Due to Related Parties |   | $                   | -         |   |   | $ | 747,999 |   |
| Accrued Interest Classified to Amounts Due to Related Parties   |   | $                   | -         |   |   | $ | 287,332 |   |
|  Liability on Interest Rate Swap Agreement                 |   | $                   | 3,270,522 |   |   | $ | 5,948,948 |   |

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|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |  Non-controlling |   |        |                         |   |
|-----------------------------------------------|-----------------------|--------|--------|--------------------|--------|--------|-----------|--------|-------------|-------------------------|--------|--------|-------------|--------|--------|---------------------------|------------|--------|-----------------------|--------|-------------|------------------------------|--------|
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |   Interests |   |        |                         |   |
|                                          |                  |   |   |               |   |   | Aditional |   |        |  Accumulated Other |   |   |        |   |   |   Total RIIC    |       |   |   Preferred |   |        | Total                        |   |
|                                          |  Preferred Stock |   |   | Common Stock       |   |   | Paid-In   |   |        | Comprehensive           |   |   | Accumulated |   |   |   Stockholders' |       |   |   Stock of  |   |        | Stockholders'                |   |
|                                          |  Shares          |   |   |   Amount |   |   | Shares    |   |        | Amount                  |   |   | Capital     |   |   | Income (Loss)             |       |   | Deficit               |   |        |   Equity (Deficit) |   |   |   Subsidiaries |   |   | Equity (Deficit) |   |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2007                  |  1,000           |   |   | $                  | 1      |   |      |   | 150,208,861 |                    |   | $      | 150,209     |   |   | $                         | 22,282,703 |   |                  | $      | 234,828     |                         |   | $ | (4,821,892 | ) |   |  $ |  17,845,849 |   |   | $ |  593,726 |   |   | $ | 18,439,575 |   |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Components of Comprehensive Loss:             |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign Currency Translation                  |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   | (607,889    | )                            |   |   |   |   |   |   |  (607,889 | ) |   |   |  (25,476 | ) |   |   | (633,365 | ) |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Cash Flow Hedge                         |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   | (5,948,948  | )                       |   |   |   |   |   |   | (5,948,948 | ) |   |   |   |   |   |   | (5,948,948 | ) |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss for the Year Ended December 31, 2008 |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   | (16,319,499 | ) |   |   |  (16,319,499 | ) |   |   |   |   |   |   | (16,319,499 | )  |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Comprehensive Loss                      |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |  (22,876,336 | ) |   |   |   |   |   |   | (22,901,812 | ) |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2008 (Restated)       | 1,000                 |   |   |               | 1      |   |      |   | 150,208,861 |                    |   |   | 150,209     |   |   |                      | 22,282,703 |   |                  |   | (6,322,009  | )                            |   |   | (21,141,391 | ) |   |   | (5,030,487 | )  |   |   | 568,250 |   |   |   | (4,462,237 | ) |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Components of Comprehensive Loss:             |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign Currency Translation                  |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   | (1,413,471  | )                            |   |   |   |   |   |   | (1,413,471 | )  |   |   |   |   |   |   | (1,413,471 | ) |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Cash Flow Hedge                         |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   | (3,270,522  | )                       |   |   |   |   |   |   | (3,270,522 | ) |   |   |   |   |   |   | (3,270,522 | ) |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss for the Year Ended December 31, 2009 |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   | (43,970,182 | ) |   |   | (43,970,182 | )  |   |   |   |   |   |   | (43,970,182 | ) |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Total Comprehensive Loss                |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   | (48,654,175 | )  |   |   |   |   |   |   | (48,654,175 | ) |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at December 31, 2009                  | 1,000                 |   |   | $             | 1      |   |      |   | 150,208,861 |                    |   | $      | 150,209     |   |   | $                         | 22,282,703 |   |                  | $      | (11,006,002 | )                            |   | $ | (65,111,573 | ) |   | $  | (53,684,662 | )  |   | $  | 568,250 |   |   | $ | (53,116,412 | ) |
|                                          |                  |   |   |               |   |   |      |   |        |                    |   |   |        |   |   |                      |       |   |                  |   |        |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|  Buildings    |  25-50 years                                     |
|--------------------|-------------------------------------------------------|
|  Improvements |    5-35 years                          |
|  Equipment    |         5-10 years |

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|                                                |                                                                                               |   |   |      |   |                    |   |
|-----------------------------------------------------|----------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|-------------------------|--------|
|                                                |  Acquisition                                                                                  |   |   |      |   | Buildings, Improvements |   |
|                                                |  Date                                                                                    |   | Land   |      |   | and Equipment           |   |
|                                                |                                                                                               |   |   |      |   |                    |   |
| Tachenweide 12, Emmerich, Germany                   |              July 19, 2007   |   | $      | 672,014   |   |                    | $      | 5,679,609 |   |
| Kruisweg 855-859, Hoofddorp, The Netherlands        |  December 27, 2007                                                                            |   |   | 973,211   |   |                    |   | 1,070,675 |   |
| Willemstraat 47, 67 en 69, Hengelo, The Netherlands |  December 27, 2007                                                                            |   |   | 290,900   |   |                    |   | 1,214,065 |   |
| Parallelweg 29, Beverwijk, The Netherlands          |  December 27, 2007                                                                            |   |   | 947,411   |   |                    |   | 3,293,723 |   |
| Schinkelwaard 20, Alkmaar, The Netherlands          |  December 27, 2007                                                                            |   |   | 1,026,243 |   |                    |   | 3,459,884 |   |
| Zuidermolenweg 7, Amsterdam, The Netherlands        |  December 27, 2007                                                                            |   |   | --        |   |                    |   | 1,469,133 |   |
| Productieweg 1, Roermond, The Netherlands           |  December 27, 2007                                                                            |   |   | 742,449   |   |                    |   | 3,464,286 |   |
| Stuartweg 2, Vianen, The Netherlands                |  December 27, 2007                                                                            |   |   | 2,569,907 |   |                    |   | 6,580,005 |   |
| Nieuwzeelandweg 10, Amsterdam, The Netherlands      |  December 27, 2007                                                                            |   |   | 630,877   |   |                    |   | 2,304,129 |   |
| Edisonweg 9, Woerden, The Netherlands               |  December 27, 2007                                                                            |   |   | 196,362   |   |                    |   | 245,094 |   |
| Mijlweg 7, Vianen, The Netherlands                  |  December 27, 2007                                                                            |   |   | 1,179,606 |   |                    |   | 991,844 |   |
| Keulsekade 216, Utrecht, The Netherlands            |  December 27, 2007                                                                            |   |   | 2,734,736 |   |                    |   | 95,586 |   |
| De Schans 1802, Lelystad, The Netherlands           |  December 27, 2007                                                                            |   |   | 677,951   |   |                    |   | 1,086,441 |   |
| De Berenkoog 53, Alkmaar, The Netherlands           |  December 27, 2007                                                                            |   |   | 665,051   |   |                    |   | 687,984 |   |
| Franciscusweg 8-10, Hilversum, The Netherlands      |  December 27, 2007                                                                            |   |   | 5,645,769 |   |                    |   | 10,976,211 |   |
| Sloterweg 22, Badhoevedorp, The Netherlands         |  December 27, 2007                                                                            |   |   | 805,515   |   |                    |   | 2,082,585 |   |
| Emmakade 59-60, Leeuwarden, The Netherlands         |  December 27, 2007                                                                            |   |   | 1,229,771 |   |                    |   | 4,801,555 |   |
| Schepersmaat 4, Assen, The Netherlands              |  December 27, 2007                                                                            |   |   | 3,649,182 |   |                    |   | 19,100,156 |   |

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|   | At December 31, 2009, minimum future principal payments over the next five years and in the aggregate are as follows: |
|--------|-----------------------------------------------------------------------------------------------------------------------|

| Year                                                              |   | Amount to be paid |        |   | Total Percentage    |   |
|-------------------------------------------------------------------|--------|-------------------|-------------|--------|---------------------|--------|
|                                                              |   | Yearly            |        |   | To be paid Yearly * |   |
| 2010                                                              |   | $                 | 7,656,968   |   |                |   | 1.50 | % |
| 2011                                                              |   |              | 2,141,644   |   |                |   | 2.00 | % |
| 2012                                                              |   |              | 2,284,419   |   |                |   | 2.00 | % |
| 2013                                                              |   |              | 2,284,419   |   |                |   | 2.00 | % |
| 2014                                                              |   |              | 103,084,423 |   |                |   | 89.75 | % |
| Thereafter                                                        |   |              | --          |   |                |   | -- | % |
|                                                              |   |              |        |   |                |   |   |   |
|           Total |   | $                 | 117,451,873 |   |                |   | 97.25 | % |

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|                             |   | December 31, |       |
|----------------------------------|--------|--------------|------------|
|                             |   | 2009         |       |   | 2008 |   |
| Balance, beginning of year       |   | $            | (5,948,948 | ) |   | $ | -- |   |
| Net unrealized loss for the year |   |         | (3,270,522 | ) |   |   | (5,948,948 | ) |
|                             |   |         |       |   |   |   |   |   |
| Balance, end of year             |   | $            | (9,219,470 | ) |   | $ | (5,948,948 | ) |

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|         |   |        |      |   | Fair Value Measurements at Reporting Date Using |   |
|--------------|--------|-------------|-----------|--------|-------------------------------------------------|--------|
|         |   |        |      |   | Quoted Prices In Active                         |   |   | Significant Other |   |   | Significant |   |
|         |   | December 31 |      |   | Markets for Identical Assets                    |   |   | Observable Inputs |   |   | Unobservable Inputs |   |
|         |   | 2009        |      |   | (Level 1)                                       |   |   | (Level 2) |   |   | (Level 3) |   |
|         |   |        |      |   |                                            |   |   |   |   |   |   |   |
| Assets       |   | $           | --        |   |                                            | $      | -- |   |   | $ | -- |   |   | $ | -- |   |
|         |   |        |      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Total assets |   | $           | --        |   |                                            | $      | -- |   |   | $ | -- |   |   | $ | -- |   |
|         |   |        |      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities  |   |        |      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Derivative   |   |        |      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| instruments  |   | $           | 9,219,470 |   |                                            | $      | -- |   |   | $ | 9,219,470 |   |   | $ | -- |   |
|         |   |        |      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|         |   | $           | 9,219,470 |   |                                            | $      | -- |   |   | $ | 9,219,470 |   |   | $ | -- |   |

|         |   |        |      |   | Fair Value Measurements at Reporting Date Using |   |
|--------------|--------|-------------|-----------|--------|-------------------------------------------------|--------|
|         |   |        |      |   | Quoted Prices In Active                         |   |   | Significant Other |   |   | Significant |   |
|         |   | December 31 |      |   | Markets for Identical Assets                    |   |   | Observable Inputs |   |   | Unobservable Inputs |   |
|         |   | 2008        |      |   | (Level 1)                                       |   |   | (Level 2) |   |   | (Level 3) |   |
|         |   |        |      |   |                                            |   |   |   |   |   |   |   |
| Assets       |   | $           | --        |   |                                            | $      | -- |   |   | $ | -- |   |   | $ | -- |   |
|         |   |        |      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Total assets |   | $           | --        |   |                                            | $      | -- |   |   | $ | -- |   |   | $ | -- |   |
|         |   |        |      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities  |   |        |      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Derivative   |   |        |      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| instruments  |   | $           | 5,948,948 |   |                                            | $      | -- |   |   | $ | 5,948,948 |   |   | $ | -- |   |
|         |   |        |      |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|         |   | $           | 5,948,948 |   |                                            | $      | -- |   |   | $ | 5,948,948 |   |   | $ | -- |   |

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| Year       |   | Amount |       |
|------------|--------|--------|------------|
| 2010       |   | $      | 5,798,630  |   |
| 2011       |   |   | 3,632,861  |   |
| 2012       |   |   | 3,196,267  |   |
| 2013       |   |   | 2,202,788  |   |
| 2014       |   |   | 1,283,230  |   |
| Thereafter |   |   | 1,334,252  |   |
|       |   |   |       |   |
| Total      |   | $      | 17,448,028 |   |

|          |   | For The Years Ended |    |
|---------------|--------|---------------------|---------|
|          |   | December 31,        |    |
|          |   | 2009                |    |   | 2008 |   |
| Current:      |   |                |    |   |   |   |
| United States |   | $                   | --      |   |   | $ | -- |   |
| Foreign       |   |                | 135,585 |   |   |   | 255,057 |   |
|          |   |                | 135,585 |   |   |   | 255,057 |   |
|          |   |                |    |   |   |   |   |   |
| Deferred:     |   |                |    |   |   |   |   |   |
| United States |   |                | --      |   |   |   | -- |   |
| Foreign       |   |                | (82,438 | ) |   |   | (215,807) |   |
|          |   |                | (82,438 | ) |   |   | (215,807) |   |
|          |   |                |    |   |   |   |   |   |
| Totals        |   | $                   | 53,147  |   |   | $ | 39,250 |   |

|          |   | For The Years Ended |        |
|---------------|--------|---------------------|-------------|
|          |   | December 31,        |        |
|          |   | 2009                |        |   | 2008 |   |
|          |   |                |        |   |   |   |
| United States |   | $                   | (117,797)   |   |   | $ | 176,656 |   |
| Foreign       |   |                | (43,799,238 | ) |   |   | (16,456,905 | ) |
|          |   |                |        |   |   |   |   |   |
| Totals   |   | $                   | (43,917,035 | ) |   | $ | (16,280,249 | ) |

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|                               |   | For The Years Ended |   |
|------------------------------------|--------|---------------------|--------|
|                               |   | December 31,        |   |
|                               |   | 2009                |   |   | 2008 |   |
| United States Statutory Corporate  |   |                |   |   |   |   |
|   Income Tax Rate        |   |                | (34.0  | )% |   |   | (34.0 | )% |
| Permanent Differences              |   |                | --     | % |   |   | -- | % |
| Change in Valuation Allowance on   |   |                |   |   |   |   |   |   |
|   Deferred Tax Assets    |   |                | 34.0   | % |   |   | 34.0 | % |
| Effect of Foreign Earnings, Net of |   |                |   |   |   |   |   |   |
|  Allowable Credits            |   |                | --     | % |   |   | 0.2 | % |
| Income Tax                         |   |                | --     | % |   |   | 0.2 | % |

|                                                |   | December 31, |       |
|-----------------------------------------------------|--------|--------------|------------|
|                                                |   | 2009         |       |   | 2008 |   |
|                                                |   |         |       |   |   |   |
| Deferred Tax Assets (Liabilities) – Long Term |   |         |       |   |   |   |
| Net Operating Losses                                |   | $            | 779,000    |   |   | $ | 739,000 |   |
| Property                                            |   |         | (1,092,920 | ) |   |   | (1,175,358 | ) |
|                                                |   |         |       |   |   |   |   |   |
| Valuation Allowance                                 |   |         | (779,000   | ) |   |   | (739,000 | ) |
|                                                |   |         |       |   |   |   |   |   |
| Net Deferred Tax Liability                          |   | $            | (1,092,920 | ) |   | $ | (1,175,358 | ) |

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ITEM 9.      CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9A    CONTROLS AND PROCEDURES

ITEM 9A (T)    CONTROLS AND PROCEDURES

ITEM 9B          OTHER INFORMATION

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PART III

ITEM 10.          DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

| Name                                                                                                                                                                                  |   | Age    |   | With CompanySince |   | Director/Position                                            |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|-------------------|--------|--------------------------------------------------------------|--------|
| Jerry Gruenbaum                                                                                                                                                                       |   | 54     |   | 02/2005           |   | Chief Executive Officer, Chairman of the Board, and Director |   |
|                                                                                                                                                                                  |   |   |   |              |   |                                                         |   |
| Nathan Lapkin                             |   | 43     |   | 02/2005           |   | Secretary, President, Director, and Chief Financial Officer  |   |
|                                                                                                                                                                                  |   |   |   |              |   |                                                         |   |

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ITEM 11.          EXECUTIVE COMPENSATION

| Name / Position                                                                     | Year       |   | Salary |   |   | Bonus  |   |   | Stock  |   |   | Other   |   |   | Total  |   |
|-------------------------------------------------------------------------------------|------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|--------|
| Jerry Gruenbaum                                                                     |       |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |
|             Chairman and CEO | 2009       |   | $      | 0      |   |   | $      | 0      |   |   |   | 0       |   |   | $      | 0      |   |   | $ | 0 |   |
|                                                                                | 2008       |   |   | 0      |   |   |   | 0      |   |   |   | 0       |   |   |   | 0      |   |   |   | 0 |   |
|                                                                                | 2007       |   |   | 56,880 |   |   |   | 0      |   |   |   | 118,552 |   |   |   | 0      |   |   |   | 175,432 |   |
| Nathan Lapkin                                                                       |       |   |   |   |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Secretary, and Chief Financial Officer                                              | 2009       |   | $      | 0      |   |   | $      | 0      |   |   |   | 0       |   |   | $      | 0      |   |   | $ | 0 |   |
|                                                                                | 2008       |   |   | 0      |   |   |   | 0      |   |   |   | 0       |   |   |   | 0      |   |   |   | 0 |   |
|                                                                                |  2007 |   |   | 56,880 |   |   |   | 0      |   |   |   | 118,552 |   |   |   | 0      |   |   |   | 175,432 |   |

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ITEM 12.           SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

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| Title of Class |   | Name                               |   | Shares           |   |  Percent (1) |   |
|----------------|--------|------------------------------------|--------|------------------|--------|-------------------|--------|
| Common Stock   |   | ECM Hoff Holding BV                |   | 63,306,320       |   | 42.14             | %      |
|           |   |                               |   |             |   |              |   |
|           |   | Muermans Vast Goed Roermond BV (2) |   |  59,311,414 |   |  39.49       | %      |
|           |   |                               |   |             |   |              |   |
|           |   |                               |   | 122,617,734      |   | 81.63             | %      |

| Title of Class                                              |   | Name            |   | Shares          |      |   | Percent (1) |   |
|-------------------------------------------------------------|--------|-----------------|--------|-----------------|-----------|--------|-------------|--------|
|                                                        |   |            |   |            |      |   |        |   |
| Common Stock                                                |   | Jerry Gruenbaum |   |  1,883,410 |  (2) |   |  1.25  | %      |
|                                                        |   |            |   |            |      |   |        |   |
|                                                        |   | Nathan Lapkin   |   | 1,883,410       |  (3) |   |  1.25  | %      |
|                                                        |   |            |   |            |      |   |        |   |
| All Directors and Executive Officers as a group (2 persons) |   |  3,766,820 |   |            |      | 2.50   | %           |

| (2)   | Jerry Gruenbaum owns no shares of the Company directly.  He is attributed to owning all of the 1,167,934 shares owned by Grassy Knoll Associates LLC and the 715,476 shares owned by Amstel Holdings BV Ltd, which is owned by a related party to him.  |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Nathan Lapkin owns no shares of the Company directly.  He is attributed to owning all of the 1,883,410 shares owned by Pinnacle Associates LLC, which is owned by a related party to him.  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

ITEM 13.             CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

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ITEM 14.                      PRINCIPAL ACCOUNTANT FEES AND SERVICES

| Type of Services      | 2009   |   | 2008    |   |
|-----------------------|--------|--------|---------|--------|
| Audit Fees(1)         |   | $      | 167,500 |   |   | $ | 154,000 |   |
| Audit Related Fees(2) |   |   |    |   |   |   |   |   |
| Tax Fees(3)           |   |   |    |   |   |   |   |   |
| All Other Fees(4)     |   |   |    |   |   |   |   |   |
|                  |   |   |    |   |   |   |   |   |
| Total                 |   | $      | 167,500 |   |   | $ | 154,000 |   |
|                  |   |   |    |   |   |   |   |   |

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PART IV

ITEM 15.             EXHIBITS AND REPORTS ON FORM 8-K

|   | 3.1 | Certificate of Incorporation of C.N.W. Corp. as filed with the Florida Secretary of State on October 30, 1980, incorporated by reference to the Company’s Registration Statement on Form 10SB12G filed with the Securities and Exchange Commission on August 20, 1999. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | Amended Certificate of Incorporation of C.N.W. Corp. to change name to C.N.W. of Orlando, Inc., increased its capitalization from 1,000 common shares to 50,000,000 common shares and changed its par value from $1.00 to $0.001 as filed with the Florida Secretary of State on July 21, 1998, incorporated by reference to the Company’s Registration Statement on Form 10SB12G filed with the Securities and Exchange Commission on August 20, 1999. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3 | Amended Certificate of Incorporation of C.N.W. of Orlando, Inc. to change name to GlobalNetCare, Inc. as filed with the Florida Secretary of State on December 28, 1998, incorporated by reference to the Company’s Registration Statement on Form 10SB12G filed with the Securities and Exchange Commission on August 20, 1999. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.4 | Amended Certificate of Incorporation of GlobalNetCare, Inc. to change name to BusinessWay International Corp., and increased its authorized capital to 300,000,000 common shares as filed with the Florida Secretary of State on January 31, 2001, incorporated by reference to the Company’s Form DEF 14C filed with the Securities and Exchange Commission on February 14, 2001. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.5 | Amended Certificate of Incorporation of BusinessWay International Corp. to change name to ICBS International Corp. and added restrictions on newly issued shares as filed with the Florida Secretary of State on September 29, 2004, incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 29, 2004. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.6 | Amended Certificate of Incorporation of ICBS International Corp. to remove the restrictions on newly issued shares that were added on September 29, 2005 as filed with the Florida Secretary of State on February 14, 2005, incorporated by reference to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 14, 2005 |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.7 | Certificate of Incorporation of Wah King Invest Corp., authorizing 300,000,000 common shares and 1,000,000 blank check preferred shares as filed with the Delaware Secretary of Sate on May 2, 2005, incorporated by reference to the Registrant's Form DEC 14C, as filed with the Securities and Exchange Commission on May 20, 2005. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.8 | Articles of Merger of ICBS International Corp., a Florida corporation into Wah King Invest Corp, a Delaware corporation as filed with the Florida Secretary of State on May 9, 2005, incorporated by reference to the Registrant's Form DEC 14C, as filed with the Securities and Exchange Commission on May 20, 2005. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.9 | Certificate of Merger of ICBS International Corp., a Florida corporation into Wah King Invest Corp, a Delaware corporation as filed with the Delaware Secretary of State on May 9, 2005, incorporated by reference to the Registrant's Form DEC 14C, as filed with the Securities and Exchange Commission on May 20, 2005. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.10 | Amended Certificate of Incorporation of Wah King Invest Corp. to change name tp Royal Invest International Corp. as filed with the Delaware Secreatry of State on Janmuary 26, 2007, iincorporated by reference to the Registrant's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on June 7, 2007 |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1 | Agreement to purchase Vastgoed Beleggings Mij. Bunnik I B.V., dated December 18, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.2 |  Transfer of Royal Invest Germany Properties 1 B.V.,by Royal Invest Europe B.V. to Vastgoed Beleggings Mij. Bunnik I B.V. dated December 18, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 10.3 |   Bank of Scotland Term Sheet € 100.000.000 dated November 23, 2007, incorporated by reference to the Registrant's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on November 23, 2007. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.4 | Contract for Sloterweg 22 in Badhoevedorp, The Netherlands incorporated by refernce to the Registrant's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on June 12, 2007. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.5 | Deed of Transfer for Sloterweg 22 in Badhoevedorp, The Netherlands dated December 27, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.6 | Contract for MTMN BV et al dated May 25, 2007, incorporated by reference to the Registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on May 25, 2007. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.7 | Deed of Transfer for MTMN BV et al dated December 27, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.8 | Contract for Schepersmaat 4, 9405 TA Assen , The Netherlands, incorporated by reference to the Registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on July 12, 2007. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.9 | Management Agreement with Statenconsult B.V. dated May 25, 2007 for the services of David Havenaar as Managing Director of the Registrant's subsidiary Royal Invest Europe B.V. incorporated by reference to the Registrant's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on August 13, 2007.  |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.10 | Legal Service Agreement with Sec Attorneys, LLC dated May 25, 2007 incorporated by reference to the Registrant's Current Report on Form 8-K, as filed with the Securities and Exchange Commission on August 13, 2008. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.11 | Deed of Transfer for Schepersmaat 4, 9405 TA Assen , The Netherlands dated December 27, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.12 | Contract for Alfang B.V. dated July 25, 2007, incorporated by reference to the Registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission on August 15, 2007. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.13 | Deed of Sale for Alfang B.V. dated December 27, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.14 | Deed of Sale and Transfer of AmogB B.V. dated December 27, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.15 | Convertible 8% Note with Muermans Vast Goed Roermond B.V for  €3.500.000 dated December 21, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008.  |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.16 | €100.000.000 Term Loan Agreement with Bank of Scotland dated December 21, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.17 | Convertible 8% Note with ECM Hoff Holding B.V. for  €1.091.257 dated December 21, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.18 | Mortgage Deed with Bank of Scotland dated December 27, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.19 | Mortgage Deed with Bank of Scotland for Alfong B.V. dated December 27, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.20 |  Mortgage Deed with Bank of Scotland for AmogB B.V. dated December 27, 2007, incorporated by reference to the Registrant's Curent Report on Form 8-K, as filed with the Securities and Exchange Commission on January 14, 2008. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.1 |  Subsidiaries of the Company |
|--------|------|-----------------------------------|

|   | 31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as adopted Pursuant to Section 906 of the Sarbanes Oxley Act of 2002. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted Pursuant to Section 906 of the Sarbanes Oxley Act of 2002. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

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SIGNATURES

|                             |   |  ROYAL INVEST INTERNATIONAL CORP.                                                                                                            |
|----------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|                             |   |                        (Registrant) |
|                             |   |                                                                                                                                              |
|                             |   |                                                                                                                                              |
|  Date: April 15, 2010  |   |  By:  /s/ JERRY GRUENBAUM                                                                                                          |
|                             |   |          Jerry Gruenbaum                                                                             |
|                             |   |         Chief Executive Officer and                                                                       |
|                             |   |                                                                                                                                              |
|  Date: April 15, 2010       |   |  By:  /s/ NATHAN LAPKIN                                                                                                            |
|                             |   |          Nathan Lapkin                                                                                    |
|                             |   |          President and Chief Financial Officer                                                            |
|                             |   |          and Director                                                                                     |
|                             |   |                                                                                                                                              |

| SIGNATURE          |   | NAME            |   | TITLE              |   | DATE           |
|--------------------|--------|-----------------|--------|--------------------|--------|----------------|
|               |   |            |   |               |   |           |
| /s/Jerry Gruenbaum |   | Jerry Gruenbaum |   | CEO & Chairman |   | April 15, 2010 |
|               |   |            |   | of the Board       |   |           |
|               |   |            |   |               |   |           |
| /s/Nathan Lapkin   |   | Nathan Lapkin   |   | President, CFO,    |   | April 15, 2010 |
|               |   |            |   | & Director     |   |           |

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