Acquisition of Portfolio

Alpha Pyrenees Trust Limited
23 October 2006

                              alpha Pyrenees Trust



23rd October 2006


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



ALPHA PYRENEES TRUST AGREES €44 MILLION ACQUISITION OF FRENCH OFFICE PORTFOLIO

Alpha Pyrenees has agreed to acquire a portfolio comprising three modern, fully
let office properties in good business locations in the Ile-de-France region for
approximately €44 million.

The three properties located in Gennevilliers, Champs sur Marne and St Cyr
L'Ecole total an area of 15,600 sq m with good car parking facilities and are
close to communication links. The offices are well let to a number of quality
tenants including Credit Lyonnais, Syngenta, University Cite Descartes and Ecole
Nationale des Ponts et Chaussees. The buildings are all of modern construction
having been built in the last five years.  The portfolio enjoys a 100% occupancy
rate.  The investments will provide a stabilised yield of around 7%.

The purchase of these three assets takes Alpha Pyrenees committed and completed
acquisitions to over €130million on an average yield in excess of 7%.

Alpha Pyrenees paid an initial dividend of 2.5p in respect of the period to 30
June 2006 on 13 October 2006. It is the current intention of the Alpha Pyrenees
Board to recommend a further dividend of not less than 2.5p in respect of the
six months to 31 December 2006.

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 was previously responsible for
Sir John Beckwith's property investment activities in France and Spain for six
years.

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

Alpha Real Capital is Authorised and Regulated by the Financial Services
Authority.


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.


                      This information is provided by RNS
            The company news service from the London Stock Exchange