Last checked at 
LONDON (Alliance News) - Alpha Pyrenees Trust Ltd on Tuesday said it has sold its properties located at Fresnes and Mulhouse in France to an investment vehicle managed by Colony Capital Inc, a real estate and investment management firm.
The properties, spanning 11.790 square metres, were sold for EUR9.1 million.
"The sale forms part of the orderly realisation process supported by the trust's lender, Barclays Bank PLC, and the net proceeds from this sale will be used to reduce the trust's bank borrowings," Alpha Pyrenees said in a statement.
"As previously stated, the board does not expect that there will be any value to return to ordinary shareholders after repayment of its bank borrowings has taken place," Alpha Pyrenees said.
Shares in the trust were down 60% at 0.0600 pence on Tuesday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
