Acquisition

Alpha Pyrenees Trust Limited
09 July 2007

9th July 2007

ALPHA PYRENEES TRUST LIMITED



('ALPHA PYRENEES' OR THE 'COMPANY')

ALPHA PYRENEES COMPLETES FRENCH PROVINCIAL OFFICE ACQUISITIONS TOTALLING €21
MILLION.

Alpha Pyrenees is pleased to announce the completion of two investment
transactions totalling approximately €21 million in Nimes and Mulhouse in
France.

The property in Nimes, Southern France, is a modern office building with an
ancillary retail unit and was purchased for approximately €8.5 million.

The buildings are located 1 km south of Nimes city centre in a mixed use area
including offices, retail and residential complexes opposite a business park
dominated by biotechnology and technology companies. Access to the A9 motorway
(to Montpellier and South West France) lies 1 km to the south. The A9, the A7
motorway (to Lyon), and the A54 motorway (to Arles and Marseille) intersect
approximately 3 km to the south of the property.

The buildings total an area of approximately 3,100 sqm of which the offices
represent 2,900 sqm and the retail 200 sqm.

The offices are fully let to a government body, the Conseil General Du Gard
(equivalent to the District Council), on a fixed term lease expiring in December
2013 and this accounts for 98% of the income. The retail unit is let to France
Telecom on a lease expiring in February 2014.

The investment provides an initial yield of 7.5%.

The Company has also acquired an office building in Mulhouse, in the Alsace
region of Eastern France for approximately €12.1 million. Mulhouse is close to
the Swiss and German borders, approximately 115 km to the south of Strasbourg.

The property is located within a 14 hectare development zone about 0.5 km south
east of the city centre. The zone, which has been developed around a substantial
landscaped water feature, includes residential buildings, a 14 screen Multiplex
cinema, an opera theatre, and two office buildings.

The area has strong infrastructure links. Both the A36 motorway (Belfort -
Germany) and the A35 motorway (Basel - Colmar - Strasbourg), are less than 1 km
away. This in turn links to the A6 motorway (Paris - Lyon).

The office building totals approximately 5,250 sqm in two phases and tenants
include BNP Paribas and Societe d'Equipement de la Region Mulhousienne ('SERM',
the local development agency) on leases expiring in 2014.

The investment will provide a yield of 7%.

'These two acquisitions on attractive investment yields to strong government and
bank tenants will contribute positively to the yield profile of Alpha Pyrenees,'
said Richard Kingston, Chairman, 'the Company has an active pipeline of
investment opportunities and expects to report further progress on 
acquisitions.'

In addition to the two provincial office acquisitions Alpha Pyrenees has also
completed the acquisition of the logistics warehouse investment announced on
16th April 2007, for approximately €14 million.

The property is located in an industrial zone bordering the A13 motorway which
links Paris (40kms to the east) to Normandy and is close to the town of
Aubergenville.

The 27,700 sqm building is fully income producing and tenants include Alloin,
VHL and CEPL occupying on standard French institutional leases and provides an
initial yield of 7.4%.

The Investment Manager to Alpha Pyrenees is Alpha Real Capital LLP.



For further information please contact:





Richard Kingston, Chairman, Alpha Pyrenees         01481 715601

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 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
co-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 Trust. 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 TRUST

The Trust is a Guernsey registered closed-ended investment company investing in
French and Spanish commercial real estate.

Investment Strategy

The Trust's 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.


Further information is available at www.alphapyreneestrust.com






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