Alpha Group International Regulatory News (ALPH)

19 Nov 2007 07:02

Alpha Pyrenees Trust Limited19 November 2007 19 November 2007 ALPHA PYRENEES TRUST LIMITED ("ALPHA PYRENEES" OR THE "COMPANY") ALPHA PYRENEES AGREES TO ACQUIRE TWO OFFICE AND WAREHOUSE INVESTMENTS INILE-DE-FRANCE FOR €29 MILLION. Alpha Pyrenees is pleased to announce that it has agreed to acquire two mixeduse properties totalling 28,300 square metres in Roissy en France andGoussainville, in the "Val d'Oise" department, Ile-de-France at a cost ofapproximately €29 million on a yield of 7.1%. The Roissy en France property is situated within the Paris Nord II area. Thisarea incorporates campus style offices, light industrial and a shopping centre.Communications are very good with road access via the A1 motorway which linksParis to Lille and serves Roissy-Charles de Gaulle airport situated 5km away. The property totals an area of approximately 7,800 square metres comprisingoffices, warehousing and logistics with good car parking facilities. Theproperty is let to two major tenants on indexed leases expiring in 2011 and2014. The Goussainville property is situated in the Parc GIP Charles de Gaulle area.This area incorporates offices, retail and warehouses. There are goodcommunications with road access via the RN17 which links to the A1 and A104motorways linking Paris and Lille and serving Roissy-Charles de Gaulle airportsituated 10km away. The property totals an area of approximately 20,500 square metres comprisingoffices and warehousing with good external and internal car parking facilities.The property is 76% let on indexed leases and four major tenants account for twothirds of the current income. The investments provide an initial yield of 7.1% with the prospect of enhancedincome returns once the vacant space at Goussainville has been let. The acquisition will increase Alpha Pyrenees' portfolio to approximately €370million. Accordingly the Company is now approximately two thirds invested. AlphaPyrenees has further properties in exclusive due diligence totalling over €110million. On the basis that the Company completes the pipeline of transactions bythe end of the financial year the Company will be nearing 90% of full investmentat that point. Based on the continued progress on acquisitions it continues to be the Board'scurrent intention to pay a dividend of not less than 7 pence per share inrespect of the year to 31 December 2008. The Investment Manager to Alpha Pyrenees is Alpha Real Capital LLP. For further information please contact: Dick Kingston, Chairman, Alpha Pyrenees 01481 715601 Paul Cable, Fund Manager, Alpha Real Capital 020 7591 1635 / 07715 168 910 Ed Orlebar, M: Communications 020 7153 1523 NOTES: ABOUT ALPHA PYRENEES TRUST The Trust is a Guernsey registered closed-ended investment company investing inFrench and Spanish commercial real estate. Investment Strategy The Trust's strategy is to invest in a diversified portfolio of properties inFrance and Spain, focusing on commercial property in the industrial, logistics,office and retail sectors. Alpha Real Capital believes that there will becapital growth opportunities in the portfolio through income growth, activeasset management and yield compression. For more information on Alpha Pyrenees please visit www.alphapyreneestrust.com ABOUT ALPHA REAL CAPITAL Alpha Real Capital is a co-investing international real estate fund manager withoperations in the French and Spanish real estate markets. Alpha Real Capital wasestablished by Sir John Beckwith and Phillip Rose and is jointly owned by them,members of the Alpha management team and Michael Spencer. Alpha Real Capital is the Investment Manager to Alpha Pyrenees Trust. Alpha RealCapital's European Funds Director, Paul Cable, is Fund Manager, Alpha PyreneesTrust. For more information on Alpha Real Capital please visit www.alpharealcapital.com This information is provided by RNS The company news service from the London Stock Exchange