Management Update
7 March 2011
ALPHA TIGER PROPERTY TRUST LIMITED ("ALPHA TIGER" OR THE "COMPANY")
The Board of Alpha Tiger has today been informed by its investment manager Alpha Real Capital LLP ("ARC"), that Alpha Real Property Investment Advisers LLP, a subsidiary of ARC, has completed the acquisition of Close Brothers property fund management business, as announced by ARC on 7 October 2010.
Investment in Alpha UK Multi Property Trust plc ("AUMP")
Alpha Tiger has an investment of £4.75m in AUMP (formerly Close High Income Properties plc) by way of convertible unsecured loan notes. ARC was appointed the property investment adviser to AUMP on 9 August 2010.
Under the terms of the property investment adviser agreement with AUMP, Close Investments Limited provided ARC with accounting, reporting, IT and banking advisory services and insurance arrangement services in relation to AUMP.
Following the completion of the acquisition of the Close Brothers property fund management business by ARC, the services provided by Close Investment Limited are now provided by ARC.
As stated in the 13 July 2010 announcement, ARC will rebate to Alpha Tiger its net management fee relating to Alpha Tiger's investment in AUMP, and this now includes the fees previously payable to Close Investments Limited.
For further information please contact:
Alpha Tiger Property Trust Limited
David Jeffreys, Chairman, Alpha Tiger +44 (0) 1481 735 540
Brad Bauman, Joint Fund Manager, Alpha Tiger +44 (0) 20 7268 0300
Panmure Gordon, Nominated Adviser to the Company
Richard Gray/Andrew Potts/Stuart Gledhill +44 (0) 20 7459 3600
Notes to editors:
About Alpha Tiger Property Trust
Further information is available at www.alphatigerpropertytrust.com
This information is provided by RNS