Placing and admission

Alpha Pyrenees Trust Limited 29 November 2005 29 November 2005 ALPHA PYRENEES TRUST LIMITED ('ALPHA PYRENEES' OR THE 'COMPANY') THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN. Placing to raise £125 million Admission to trading on the London Stock Exchange Alpha Pyrenees today announces its intention to seek a full listing on the London Stock Exchange and to issue 125,000,000 shares at 100p per share through a placing by Cenkos Securities Limited to institutional investors (the 'Placing'). The Placing is subject to admission of the Company's shares to the Official List and to trading on the London Stock Exchange, which is expected to take place at 8.00 a.m. on 29 November 2005. The Company is a newly incorporated Guernsey-registered closed-ended investment company which has been formed to invest in French and Spanish commercial retail estate, focusing on the industrial, logistics, office and retail sectors. The Company has appointed Alpha Real Capital LLP ('Alpha Real Capital') as Investment Manager. Richard Kingston, an Executive Director of Slough Estates Plc, has been appointed Chairman of the Company. Over time, and with bank borrowings, it is expected that a portfolio of approximately £480 million will be assembled across some 30 properties in France and Spain, with between 50 and 70 per cent. of the Company's portfolio invested in France and between 30 and 50 per cent. invested in Spain. Properties with an average rental yield of between 7.0 and 8.5 per cent. will be targeted. The Investment Manager will seek to secure income growth through a combination of inflation-indexed rents with automatic uplifts, turnover-based rents and an active letting and re-letting programme. The Company is targeting a dividend yield of 7.0 per cent. per annum at the placing price of 100p, once fully invested. Alpha Real Capital proposes to generate returns for shareholders through acquiring real estate with demonstrable and sustainable yields, using finance rates and structures which enhance returns and through active asset management to create additional value. Phillip Rose, Chief Executive of Alpha Real Capital commented: 'We think the French and Spanish real estate markets offer an attractive total return proposition. Alpha Pyrenees gives investors access to these markets through an efficient, listed structure with the benefit of Alpha Real Capital's value-adding approach to real estate investing.' Alpha Pyrenees is being advised by Kinmont Limited, Cenkos Securities Limited and BDO Stoy Hayward Corporate Finance (a division of BDO Stoy Hayward LLP, Chartered Accountants). For further information please contact: Phillip Rose, CEO, Alpha Real Capital 020 7591 1609 Anna Morgan, ADC Blueprint 020 7349 6280 This announcement shall not constitute or form any part of an offer or invitation to subscribe for, underwrite or otherwise acquire, or any solicitation of any offer to purchase or subscribe for, securities including in the United States. This announcement does not constitute an offer of securities for sale in the United States of America. Neither this announcement nor any copy of it may be taken or distributed in 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 therefrom. 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. Kinmont Limited, Cenkos Securities Limited and BDO Stoy Hayward Corporate Finance (a division of BDO Stoy Hayward LLP, Chartered Accountants), all of which are authorised and regulated by the Financial Services Authority, are acting exclusively for the Company and no one else in connection with the Placing and will not be responsible for anyone other than the Company for providing the protections afforded to their respective clients nor for providing advice in relation to the Placing. Information in this announcement cannot be relied upon as a guide to future performance. Notes ABOUT ALPHA REAL CAPITAL Alpha Real Capital is a value-adding international property funds management group. Alpha Real Capital was established by Phillip Rose and Sir John Beckwith and is active in the UK, France and Spain. Phillip Rose has 25 years' experience in the real estate, fund 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. The Company has appointed Alpha Real Capital as Investment Manager. Alpha Real Capital's CEO, Philip Rose, has been appointed to the Board of the Company and Alpha Real Capital's European Funds Director, Paul Cable, has been appointed 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 has been responsible for Sir John Beckwith's property investment activities in France and Spain for the last 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 newly incorporated Guernsey registered closed-ended investment company which has been established for the purposes of investing in French and Spanish commercial real estate. The Company's shares are expected to be admitted to the Official List of the UK Listing Authority at 8.00 a.m. on 29 November 2005. The Placing (which is conditional upon Admission) has raised £125 million before expenses and, with bank borrowings, it is expected that a portfolio of approximately £480 million will be assembled across some 30 properties in France and Spain. Investment Strategy Alpha Pyrenees will 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. It is expected that between 50 and 70 per cent. of the Company's portfolio will be invested in France and that between 30 and 50 per cent. will be invested in Spain. Co-investment by Alpha Real Capital Members of Alpha Real Capital or its management team have subscribed for 2.5 million ordinary shares pursuant to the Placing. 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 is an executive director of Slough Estates Plc, one of the largest London Stock Exchange listed property companies. He is responsible for Group Finance at Slough Estates Plc and has been so for nine years, and is 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. This information is provided by RNS The company news service from the London Stock Exchange
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