Acquisition

Alpha Pyrenees Trust Limited
19 November 2007

19 November 2007

ALPHA PYRENEES TRUST LIMITED



('ALPHA PYRENEES' OR THE 'COMPANY')

ALPHA PYRENEES AGREES TO ACQUIRE TWO OFFICE AND WAREHOUSE INVESTMENTS IN
ILE-DE-FRANCE FOR €29 MILLION.

Alpha Pyrenees is pleased to announce that it has agreed to acquire two mixed
use properties totalling 28,300 square metres in Roissy en France and
Goussainville, in the 'Val d'Oise' department, Ile-de-France at a cost of
approximately €29 million on a yield of 7.1%.

The Roissy en France property is situated within the Paris Nord II area. This
area incorporates campus style offices, light industrial and a shopping centre.
Communications are very good with road access via the A1 motorway which links
Paris to Lille and serves Roissy-Charles de Gaulle airport situated 5km away.

The property totals an area of approximately 7,800 square metres comprising
offices, warehousing and logistics with good car parking facilities. The
property is let to two major tenants on indexed leases expiring in 2011 and
2014.

The Goussainville property is situated in the Parc GIP Charles de Gaulle area.
This area incorporates offices, retail and warehouses. There are good
communications with road access via the RN17 which links to the A1 and A104
motorways linking Paris and Lille and serving Roissy-Charles de Gaulle airport
situated 10km away.

The property totals an area of approximately 20,500 square metres comprising
offices and warehousing with good external and internal car parking facilities.
The property is 76% let on indexed leases and four major tenants account for two
thirds of the current income.

The investments provide an initial yield of 7.1% with the prospect of enhanced
income returns once the vacant space at Goussainville has been let.

The acquisition will increase Alpha Pyrenees' portfolio to approximately €370
million. Accordingly the Company is now approximately two thirds invested. Alpha
Pyrenees has further properties in exclusive due diligence totalling over €110
million. On the basis that the Company completes the pipeline of transactions by
the end of the financial year the Company will be nearing 90% of full investment
at that point.

Based on the continued progress on acquisitions it continues to be the Board's
current intention to pay a dividend of not less than 7 pence per share in
respect 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 in
French and Spanish commercial real estate.


Investment Strategy

The Trust's strategy is to invest in a diversified portfolio of properties in
France and Spain, focusing on commercial property in the industrial, logistics,
office and retail sectors. Alpha Real Capital believes that there will be
capital growth opportunities in the portfolio through income growth, active
asset 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 with
operations in the French and Spanish real estate markets. Alpha Real Capital was
established 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 Real
Capital's European Funds Director, Paul Cable, is Fund Manager, Alpha Pyrenees
Trust.


For more information on Alpha Real Capital please visit www.alpharealcapital.com




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