Acquisition

Alpha Pyrenees Trust Limited
28 July 2006


28 July 2006



                          ALPHA PYRENEES TRUST LIMITED
                      ('ALPHA PYRENEES' OR THE 'COMPANY')


ALPHA PYRENEES TRUST ACQUIRES TWO WAREHOUSES IN ZARAGOZA, SPAIN FOR €8 MILLION.


Alpha Pyrenees has purchased two warehouses located near Zaragoza, Spain for a
combined price of approximately €8 million.


The warehouses are located in an industrial estate close to Zaragoza which is at
a crossroads between Madrid, Barcelona, Valencia and Bilbao. The buildings total
an area of 9,520sqm with the smaller of the two properties representing 2,590
sqm and the larger warehouse 6,930 sq m. They provide Alpha Pyrenees with a net
yield of 7.0%.


The investment purchase is a sale and leaseback with a mid-sized Spanish
company.


This is Alpha Pyrenees' second purchase in Spain in recent months, having
recently purchased a portfolio of retail centres in Andalucia for approximately
€36 million.

The Investment Manager to Alpha Pyrenees is Alpha Real Capital LLP.


For further information please contact:

Phillip Rose, CEO, Alpha Real Capital     020 7591 1609 / 07771 880 318



Notes


ABOUT ALPHA REAL CAPITAL

Alpha Real Capital is a value-adding international property funds management
group with operations in both the French and Spanish real estate markets. Alpha
Real Capital was established by Phillip Rose and Sir John Beckwith.

Phillip Rose has 25 years' experience in the real estate, funds management and
banking industries in Europe, the USA and Australasia. He has been Head of Real
Estate for ABN AMRO Bank, Chief Operating Officer of European shopping centre
investor and developer

TrizecHahn Europe (where he was responsible for a €1 billion European investment
and development programme from 1999-2000), Managing Director of Lend Lease
Global Investment where, during his tenure from 1994 to 1999, he was responsible
for managing European property investments and Executive Manager of listed fund
General Property Trust. He is currently a non-executive director of Great
Portland Estates and a member of the Management Committee of the Hermes Property
Unit Trust.

Sir John Beckwith has been involved in property investment and other investment
for his entire working life. He founded London & Edinburgh Trust PLC ('LET') in
1971 where he was Chairman and Chief Executive Officer and developed it into one
of the top ten listed real estate companies in the UK. Following the sale of
LET, he established Pacific Investments through which he founded a number of
successful asset management businesses, including Liontrust Asset Management and
Thames River Capital.

Alpha Real Capital is the Investment Manager to Alpha Pyrenees. Alpha Real
Capital's European Funds Director, Paul Cable, is Fund Manager, Alpha Pyrenees
Trust. Paul Cable has 25 years experience in the real estate and banking
industries in the UK, Europe and the Far East and has been responsible for Sir
John Beckwith's property investment activities in France and Spain for the last
six years.

Further information is available at www.alpharealcapital.com including contact
details for Alpha Real Capital's UK, French and Spanish offices.



ABOUT ALPHA PYRENEES

Alpha Pyrenees is a Guernsey registered closed-ended investment company
investing in French and Spanish commercial real estate.


Investment Strategy

Alpha Pyrenees' strategy is to invest in a diversified portfolio of properties
in Spain and France, 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.


Directors

The Directors of the Company, all of whom are non-executive, are responsible for
the implementation of the investment policy of the Company and the overall
supervision of the Group's activities. The Board consists of:



Richard Kingston (Chairman)
Christopher Bennett
David Jeffreys
Phillip Rose
Serena Tremlett






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