Last checked at 8 Dec 2015 16:55
8 DECEMBER 2015
ALPHA PYRENEES TRUST LIMITED
("ALPHA PYRENEES" OR THE "TRUST")
ALPHA PYRENEES SELLS PART OF ITS FRENCH PROPERTY PORTFOLIO
Alpha Pyrenees announces today that it has sold a portfolio of five properties in France totalling approximately 127,850 square metres for €142.7 million. The properties included in the portfolio were the Trust's largest property, the Villarceaux-Nozay Business Park let to Alcatel-Lucent, and the Trust's properties at Evreux, Goussainville, Roissy-en-France and Nimes.
The purchaser is an investment vehicle managed by Colony Capital, Inc. (NYSE: CLNY), a global real estate and investment management firm.
The sale forms part of the orderly realisation process supported by the Trust's lender, Barclays Bank PLC ("Barclays"), and the net proceeds from this sale will be used to reduce the Trust's bank borrowings.
As previously stated in the Trading Update released on 13 November 2015, 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.
The Trust will provide further updates in due course.
For further information:
Dick Kingston, Chairman, Alpha Pyrenees Trust Limited 01481 231100
Paul Cable, Fund Manager, Alpha Real Capital LLP 020 7391 4700
For more information on the Trust, please visit www.alphapyreneestrust.com.