IMPT.L Regulatory News (IMPT)

1 March 2012

ALPHA UK MULTI PROPERTY TRUST PLC (the "Company")

CHIP (SIX) LIMITED (the "SPV")

Notification of Class 2 transaction

As announced previously, the Company has been in discussions with Nationwide, provider of an £18.8 million loan facility (the "Facility") to CHIP (SIX) Limited (the "SPV"), one of nine subsidiaries of the Group, to attempt to agree a resolution regarding the breaches in the Facility's financial covenants. Whilst options have been presented to Nationwide, unfortunately these negotiations have proven inconclusive. The Directors of the SPV have received notice that Nationwide has appointed Law of Property Act receivers to administer the SPV's property assets.

Given the SPV has become unable to meet its actual and contingent liabilities as they fall due, the Directors of the SPV have determined that the situation is unsustainable and therefore have decided to recommend to the Company, as sole shareholder of the SPV, that an extraordinary general meeting of the SPV should take place in order to commence a creditors' voluntary winding-up. A liquidator to the SPV will be appointed to undertake an orderly disposal of the SPV's assets. The Company's other banking facility agreement with Nationwide remains unaffected by this decision. In addition the Company's banking facility agreements with Bank of Scotland with four other subsidiaries of the Company remain unaffected and the SPV is not cross collateralised with any other subsidiary of the Company.

The SPV had a net asset value of £ 0.1 million as at 30 September 2011, and currently owns nine offices with 142 lettable units located in the Midlands and North West England, with a gross asset value, as at 30 September 2011, of £19.7 million, representing 18 per cent. of the aggregate gross assets of the Company at 30 September 2011. However, due to the high level of leverage in the SPV via the Facility, the SPV represents 0.4 per cent. of the Company's consolidated Net Asset Value as at 30 September 2011. It is not expected that the liquidation of the SPV will yield any surplus assets to be attributed to the Company after discharging liabilities to creditors and meeting the costs of liquidation.

The Investment Adviser and Manager ("IAM") has taken an activist approach to the management of the Company's property portfolio. However although significant attempts by the IAM and Board of the Company have been made to reach a negotiated agreeable solution with Nationwide, unfortunately this has not been possible.

The effect of the proposed liquidation of the SPV on the Company is summarised as follows:

·; The consolidated Company loan to value as at 30 September 2011 would fall from 73.3 per cent. to 68.4 per cent.;

·; The Company's Net Asset Value per share would be adjusted to 303.8 pence per share (as at 30 September 2011) - a dilution of 1.2 pence per share to that previously reported of 305.0 pence per share;

·; The Company's portfolio would be refocused towards light industrial commercial property, where vacancy rates are substantially lower than the offices within the Company's portfolio. Light industrial assets would rise from 79 per cent. to 88 per cent. of the rebased aggregate property portfolio by area;

·; Total vacancy rates (as a percentage of Estimated Rental Value), would fall from 22.3 per cent. to 20.3 per cent. across the aggregate property portfolio.

Further information will be disclosed in the forthcoming Annual Financial Report 2011 announcement on the 8 March 2012.

Contact:

Jonathan Clague

Chairman, Alpha UK Multi Property Trust Plc

Tom Pissarro

Fund Manager, Alpha Real Capital LLP

020 7268 0300

For more information on the Company please visit www.alphaukmultipropertytrust.com.

For more information on the Company's Investment Manager please visit www.alpharealcapital.com.