Acquisition

Alpha Pyrenees Trust Limited
24 September 2007



24 September 2007

ALPHA PYRENEES TRUST LIMITED



('ALPHA PYRENEES' OR THE 'COMPANY')

ALPHA PYRENEES COMPLETES ILE-DE-FRANCE OFFICE ACQUISITION FOR €26 MILLION.

Alpha Pyrenees is pleased to announce that it has completed the acquisition of a
modern office building in Aubervilliers, Ile-de-France for a consideration of
approximately €26 million.

The property is located in the 'Seine-Saint-Denis' department which adjoins
Paris and is situated to the south of Aubervilliers in an urban development zone
comprising residential, offices, light industrial and retail space.
Communications are good with road access via the A86 motorway and the boulevard
Peripherique linking Paris to Aubervilliers.

The office building totals an area of approximately 8,750 sqm with good car
parking facilities. The property is fully income producing with 72% of the
income coming from international metal distribution company Klockner
Distribution Industrielle (KDI) on an indexed lease until December 2013 without
break. KDI is a subsidiary of Klockner & Co AG which is represented in fourteen
countries worldwide and generated sales of €5.5 billion in 2006.

The investment provides an initial yield of 7%.

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



For further information please contact:



Dick Kingston, Chairman, Alpha Pyrenees            01481 715601

Phillip Rose, CEO, Alpha Real Capital              020 7591 1609 / 07771 880 318

Paul Cable, Fund Manager, Alpha Real Capital       020 7591 1635 / 07715 168 910

Ed Orlebar, M: Communications                      020 7153 1523



NOTES:


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.

For more information on Alpha Pyrenees please visit  www.alphapyreneestrust.com



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.


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.


For more information on Alpha Real Capital please visit www.alpharealcapital.com



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