Acquisition

Alpha Pyrenees Trust Limited
27 December 2006

For publication in the United Kingdom only. Not for release, publication or
distribution in or into any other jurisdiction including the United States,
Canada, Australia, South Africa, the Republic of Ireland or Japan.



27 December 2006



Alpha Pyrenees Trust Limited ('Alpha Pyrenees' or the 'Company')

€96 million Acquisition of Paris Business Park





The Board of Alpha Pyrenees (the 'Board') is pleased to announce that Alpha
Pyrenees has acquired, with IPGL Limited ('IPGL'), a 77,000 square metre
business park comprising in total 20 office, warehouse and research and
development buildings (the 'Business Park').



The vendor is SIVN (Societe Immobiliere Villarceaux Nozay) and the tenant is
Alcatel-Lucent, a major French multi-national corporation with a market
capitalisation of in excess of €20 billion.  The deal is a sale and leaseback
and the tenant has signed a 12 year lease with a minimum term of 9 years. The
lease benefits from annual inflation-linked rent indexation. The properties will
provide an income stream which will enhance Alpha Pyrenees' earnings.



The total consideration for the acquisition of the Business Park is €124.5
million of which Alpha Pyrenees' 77% share is approximately €95.9 million.  The
purchase consideration will be satisfied by the Company's and IPGL's existing
cash resources and a new Alpha Pyrenees group debt facility.  The total costs
including acquisition costs are approximately €130.9 million.



The total rent from the Business Park will be approximately €9.6 million per
annum, of which Alpha Pyrenees 77% share will be approximately €7.4 million,
giving an annual rental yield of approximately 7.3 per cent including costs.

Alpha Pyrenees has signed an option agreement with IPGL whereby the Company has
the option to call IPGL's 23 per cent interest in the Business Park for a
pre-determined price and IPGL has the option to put IPGL's interest, for the
same pre-determined price, in the Business Park to the Company subject to
certain conditions.

Phillip Rose, CEO of Alpha Real Capital the Company's Investment Manager
commented:

'This is an excellent acquisition for Alpha Pyrenees of a strategically located,
high quality asset which is rented for a minimum 9 year period to large
multinational group that has demonstrated a long term commitment to the site. It
will produce an annual rental yield of approximately 7.3 per cent with the
potential to add value to the portfolio through future development and
refurbishment. We are delighted that we have also secured an option to purchase
the remaining 23% of the Business Park on attractive terms to the Company.'

Contact:

Phillip Rose, CEO, Alpha Real Capital     020 7591 1609



Neither this announcement nor any copy of it may be taken or distributed into
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 there from.  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.



Notes:



ABOUT ALPHA REAL CAPITAL



Alpha Real Capital is a value-adding international property fund 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 27 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.



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 France and Spain, 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



Richard Kingston was an executive director of Slough Estates Plc, one of the
largest London Stock Exchange listed property companies.  He was responsible for
Group Finance at Slough Estates Plc for nine years, and chairman of their
continental European real estate activities.  He was a non-executive director of
Mersey Docks and Harbour Company and is a qualified Chartered Accountant.



ABOUT IPGL



IPGL is a Holding Company substantially controlled by Michael Spencer.




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