Partial Portfolio Sale

RNS Number : 4206I

Alpha Pyrenees Trust Limited

08 December 2015

 



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.

 

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