First Day of Dealings

Alpha Tiger Property Trust Limited
21 December 2006


21 December 2006


THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH
AFRICA OR JAPAN.


                       ALPHA TIGER PROPERTY TRUST LIMITED

                        ('ALPHA TIGER' OR THE 'COMPANY')
                                 _____________

                    First Day of Dealings on AIM and Placing


Alpha Tiger is pleased to announce its admission to trading today on AIM. The
Placing has raised gross proceeds of £75 million. The Company's share capital
comprises 75,000,000 Ordinary Shares (ticker: ATPT) issued at 100p per share.

THE COMPANY

The Company is a recently incorporated, Guernsey-registered, closed-ended
investment company, which has been established for the purposes of investing in
and developing real estate in India.

The Company's property activities will be managed by Alpha Real Capital LLP
('Alpha Real Capital'), an FSA regulated property fund management business.
Alpha Real Capital has an established office and team in India.

Kinmont and Panmure Gordon are joint financial advisers to Alpha Tiger. Panmure
Gordon and Execution are joint stockbrokers to the Placing.

INVESTMENT OBJECTIVE AND POLICY

The Company intends to target investment and development opportunities focused
on business parks in seven of India's largest cities (Bangalore, Chennai, Delhi
NCR, Hyderabad, Kolkata, Mumbai and Pune).

The Company intends to focus on sites with planning and zoning consent in
established locations with existing infrastructure. The Company intends to focus
its investments on strong covenants (including multinationals with an operating
base in India), long leaseholds (particularly where tenant fit-out commitments
constitute a substantial part of the overall build cost) and buildings with
flexible space (to give good re-leasing potential).

The Company's strategy is to build, own and operate a high yielding portfolio of
diversified business park assets.

Brad Bauman, Fund Manager, Alpha Tiger said 'the Investment Manager has
extensive experience of working with multinational occupiers and will work
closely in partnership with tenants to provide flexible real estate solutions'.


INDIAN ECONOMIC BACKGROUND

In a global context, India is the seventh largest country by land mass, the
fourth largest economy on a purchasing power parity basis and the tenth largest
economy in GDP terms. English is the primary business language and the legal
system is based on English law and practice. Today's positive outlook for
investment in India owes its roots to a period of reform which began with the
change of government in 1991, opening the Indian economy over time to foreign
investment and liberating a new entrepreneurial business environment. Such has
been the catalytic effect of the post 1991 reforms that in real terms the size
of the Indian economy has more than doubled since 1991.

A major driver of economic growth in India is a growing and aspirational middle
class workforce. Some 70 per cent. of India's population is less than 36 years
of age. Moreover, India is home to some 20 per cent. of the world's population
under the age of 24. This position contrasts greatly with most of the developed
world, which faces a shortage of working age inhabitants and the growing social
cost of an ageing population.

The Indian economy now comprises a strong base of international and domestic
corporations. Well over 200 of the Fortune 500 companies have a presence in
India. This has not only been important in establishing India's new commercial
base, but has contributed to growing bilateral trade between India and these
companies' home nations. Investments in India by Fortune 500 companies span a
number of industry sectors, including consumer goods, automotives, computer and
software, petrochemicals and food and beverages. There are 23 stock exchanges in
India with a total market capitalisation of over US$700 billion. Over 100 Indian
corporations now have a stockmarket value of US$1 billion or more.

OVERVIEW OF THE REAL ESTATE OPPORTUNITY

India's large and diverse industrial base is predicted to be one of the drivers
for growth in the real estate infrastructure required to support the commercial
development of the economy.

Estimates from leading market analysts suggest that the commercial real estate
sector is expanding by 30 per cent. per annum. Should the sector maintain this
momentum, the market could potentially be worth US$45-50 billion within five
years and in excess of US$90billion in less than 10 years. In 2005, total FDI
inflows to India were estimated to have totalled US$6 billion, a 20 per cent.
increase on 2004. Real estate markets are expected to capture approximately 18
to 20 per cent. of total Foreign Direct Investment (FDI) in 2005-6.

India remains the preferred offshore location for sourcing a broad range of
business services, including call centre help-desks, industry specific research
and development and human resources for the tele-marketing and financial
sectors. Industry experts believe that India can sustain its global leadership
position and grow its offshore IT and BPO industries at an annual rate in excess
of 25 per cent. over the medium-term.

Phillip Rose, Chief Executive of Alpha Real Capital today commented 'we are
delighted with the level of support from institutional investors and look
forward to deploying the funds raised and generating value for shareholders in
this exciting real estate opportunity in a high-growth and scaleable market.
Progressive reforms are facilitating investment in the real estate sector and we
can bring our development and property management skills to a market where
domestic and international tenants are increasingly looking for international
standards of service and construction'.



For further information please contact:
Phillip Rose, CEO, Alpha Real Capital                      020 7591 1609
Brad Bauman, Fund Manager, Alpha Tiger                     020 7591 1615
John O'Malley, Kinmont                                     020 7493 8488
Richard Gray, Panmure Gordon                               020 7614 8383
Andrew Potts, Panmure Gordon                               020 7614 8390
Bill Osborne-Young, Execution                              020 7456 1130


This announcement shall not constitute or form any part of an offer or
invitation to subscribe for, underwrite or otherwise acquire, or any
solicitation of any offer to purchase or subscribe for, securities including in
the United States.

This announcement does not constitute an offer of securities for sale in the
United States of America. Neither this announcement nor any copy of it may be
taken or distributed in the United States of America or distributed or
published, directly or indirectly, in the United States of America. Any failure
to comply with this restriction may constitute a violation of US securities law.
The securities referred to herein have not been and will not be registered under
the US Securities Act of 1933, as amended (the 'Securities Act'), and may not be
offered or sold in the United States to or for the benefit of US persons unless
they are registered under the Securities Act or pursuant to an available
exemption therefrom. No public offering of securities is being made in the
United States. The distribution of this announcement and information contained
herein may be restricted by law in other jurisdictions and therefore persons
into whose possession this announcement or information contained herein comes
should inform themselves about and observe any such restrictions.

Kinmont Limited and Panmure Gordon are authorised and regulated by the Financial
Services Authority, are acting exclusively for the Company and no one else in
connection with the Placing and will not be responsible for anyone other than
the Company for providing the protections afforded to their respective clients
nor for providing advice in relation to the Placing.

Information in this announcement cannot be relied upon as a guide to future
performance.



Notes

Alpha Real Capital is a value-adding international property funds management
group. Alpha Real Capital was established by Phillip Rose and Sir John Beckwith
and is active in a number of real estate markets including the UK, France,
Germany, Spain and India. Upon Admission, Alpha Real Capital and certain members
of Alpha Real Capital, its management team and related parties of Alpha Real
Capital and its management team will be subscribing for 5 million Ordinary
Shares pursuant to the Placing.

Phillip Rose has 25 years' experience in the real estate, fund 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.

Brad Bauman has 18 years' experience in the real estate and finance industries,
and has been responsible for the Investment Manager's Asian investment programme
since 2005. His experience includes seven years with CB Richard Ellis where he
was Managing Director of CBRE Financial Services, and from 1994 to 1997 was
involved in acquiring and managing distressed debt portfolios. Prior to joining
Alpha Real Capital, Brad was Executive Director, Real Estate Investment Banking
at Lehman Brothers. Brad will have day to day fund management responsibility for
Alpha Tiger.

Further information is available at www.alpharealcapital.com



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