Last checked at 2 Sep 2014 11:00
2 September 2014
ALPHA PYRENEES TRUST LIMITED ("ALPHA PYRENEES")
VILLARCEAUX-NOZAY BUSINESS PARK ("NOZAY")
NEW LEASE AGREED WITH ALCATEL-LUCENT
A new 12 year lease has been signed with the existing tenant, Alcatel-Lucent, with a minimum fixed term of 9 years with effect from 29 August 2014.
The new lease represents an increase of almost 5 years in fixed term commitment from the previous lease which had approximately 4 years remaining.
The agreement includes a commitment from Alpha Pyrenees of €9m of staged capital expenditure towards creating new lettable area and building improvements at Nozay. This additional lettable area will generate an additional €487,000 of rental income per annum on completion.
This agreement increases the effective weighted average lease length of Alpha Pyrenees' portfolio as follows:
· the weighted average lease length to expiry will increase from 7.8 years as reported at 30 June 2014 to 10.4 years, and
· the weighted average lease length to the next break will increase from 4.0 years as reported at 30 June 2014 to 6.7 years.
Nozay comprises approximately 36 hectares of business park space located close to one of Paris' largest business space centres, Courtaboeuf business park. It is also close to Campus Paris-Saclay, a scientific hub of academic establishments including 2 universities, 10 "grandes écoles" and 7 research organizations. Nozay contains campus style offices together with business space and ancillary accommodation totalling approximately 82,000 square metres and 3,000 car parking spaces post completion of the works.
Contact:
Dick Kingston
Chairman, Alpha Pyrenees Trust Limited 01481 231 100
Paul Cable
Fund Manager, Alpha Real Capital LLP 020 7391 4700
For more information on the Trust please visit:
www.alphapyreneestrust.com
For more information on the Trust's Investment Manager please visit:
www.alpharealcapital.com