Partial Portfolio Sale

RNS Number : 9749N

Alpha Pyrenees Trust Limited

03 February 2016

 

3 FEBRUARY 2016

ALPHA PYRENEES TRUST LIMITED

("ALPHA PYRENEES" OR THE "TRUST")

ALPHA PYRENEES SELLS FURTHER PROPERTIES FROM ITS FRENCH PROPERTY PORTFOLIO

Further to the announcement on 15 December 2015, Alpha Pyrenees announces today that it has sold its properties located at Athis Mons, Aubergenville and Aubervilliers in France totalling approximately 59,730 square metres for €24.3 million.

The purchaser is an investment vehicle managed by Colony Capital, Inc. (NYSE: CLNY), a global real estate and investment management firm.

The sale forms part of the orderly realisation process supported by the Trust's lender, Barclays Bank PLC ("Barclays"), and the net proceeds from this sale will be used to reduce the Trust's bank borrowings.

As previously stated, the Board does not expect that there will be any value to return to ordinary shareholders after repayment of its bank borrowings has taken place.

The Trust will provide further updates in due course. 

For further information:

Dick Kingston, Chairman, Alpha Pyrenees Trust Limited               01481 231100

Paul Cable, Fund Manager, Alpha Real Capital LLP                      020 7391 4700

For more information on the Trust, please visit www.alphapyreneestrust.com.

 

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