Update on Noida Development

Alpha Tiger Property Trust Limited
17 April 2008


18 April 2007

Alpha Tiger Property Trust Limited


BUSINESS PARK DEVELOPMENT IN NOIDA (INDIA) - CONFIRMATION OF FIRST AND SECOND
CLOSING AND CONSTRUCTION UPDATE


Further to the announcement by Alpha Tiger Property Trust Limited (the 'Company'
or 'Alpha Tiger') on 3 December 2007 regarding the successful execution of an
agreement with Logix Group to acquire a 74 per cent. equity interest in a
business park project ('Logix Technova') in Noida, in the NCR (near Delhi,
India) for an estimated gross purchase price of INR 1,005 million (£13.1
million), the Board of Alpha Tiger are now pleased to confirm that the first and
second stages of the transaction have completed and construction on site has
commenced and is on schedule.


First & Second Closing

The conditions precedent for first and second closings have been fulfilled and
the Company has paid a total consideration of INR 400 million (£5.2 million)
predominantly in return for Fully Convertible Debenture ('FCD') instruments with
a coupon rate of 13.56 per cent. compounded annually  and also for an initial
nominal 5 per cent. equity interest in Vipul IT Infrasoft Private Limited ('
Vipul'), a Special Purpose Vehicle incorporated for the purposes of holding and
developing the land. These FCDs (together with accrued interest thereon) shall
compulsorily convert into equity in Vipul by December 2009 (or, if earlier, when
over 90 per cent. of the leasable area is contracted to prospective tenants), at
which time Alpha Tiger shall complete the transaction and beneficially own 74
per cent. in aggregate of Vipul by paying the balance of the gross purchase
price of approximately INR 605 million (£7.9million).


Development

The total land area at the site is 20,240 square metres with permissible ground
coverage of 30 per cent.. The proposal is to develop approximately 575,000
square feet of leasable business park and other support facilities via the
development of two towers of eight levels each connected by a central core. The
development includes two levels of underground car parking allowing for over 800
car spaces.

One of the key conditions precedent to the second closing referred to above was
the receipt of certain statutory approvals and permits to commence construction
on site. These have been received and construction personnel are now on site
commencing excavation work and the installation of surface water drainage.
Construction is estimated to be completed in phases with the final phase due to
complete by December 2009.

Brad Bauman, Fund Manager, commented 'Development progress on this world class
building confirms Alpha Tiger's aim to deliver occupational solutions for
international tenants and benefit from its first mover advantage in this
developing business park location within one of India's most dynamic locations.'

An exchange rate of £1 = INR 77 is used in this announcement.

Contact:

Alpha Tiger Property Trust Limited
David Jeffreys, Chairman, Alpha Tiger                     [phone]

Brad Bauman, Alpha Tiger Fund Manager                     [phone]

Panmure Gordon, Nominated Adviser to the Company
Richard Gray/Andrew Potts/Stuart Gledhill                 [phone]


Notes to Editors:


Further information on the transaction

Transaction Structure

Alpha Tiger will ultimately acquire a 74 per cent. equity interest in Vipul,
with an estimated gross purchase price to be paid by the Company of INR 1005
million (£13.1 million). Consideration will be satisfied using the existing cash
resources of the Company. The key terms of the investment are as follows:

Stage 1 & Stage 2:
     
•    Certain conditions precedent have been satisfied and Alpha Tiger has
     acquired a 5 per cent. equity interest in Vipul for a nominal sum and has
     additionally subscribed for FCDs, such FCDs accruing a fixed coupon of 
     13.56 per cent. compounded annually. Payment of accrued interest in respect 
     of the FCDs is in the form of a bullet payment to be converted into equity 
     at completion of Stage 3. This initial capital subscription will be 
     utilised by Vipul to commence construction.

•    Vipul has arranged a third party loan facility to fund the proposed
     construction of the business park. The land is provided as security against 
     the loan facility. Any shortfall in funding in excess of the loan facility 
     to complete the construction project is the exclusive responsibility of 
     Logix and any such shortfall in funding will be provided as a subscription 
     for new (non voting) equity.

Stage 3 - Completion - expected before December 2009
     
•    Alpha Tiger shall convert the FCDs and accrued coupon into equity and
     purchase a further equity interest after: (a) 24 months from the exchange 
     of binding contracts or, at the option of Logix, (b) when over 90 per cent. 
     of the leasable area is contracted to prospective tenants. The completion 
     mechanism for the purchase of further equity will be as follows:
          
     o    The asset value of Vipul shall be calculated by capitalising at a
          pre-agreed discount rate the annualised rental profits and the net 
          profit of other ancillary income of Vipul;
          
     o    The net asset value ('NAV') of Vipul shall be calculated by deducting
          from the asset value calculated above any tenant security deposits and 
          any other liabilities (including the third party debt secured on the 
          company). Based on this NAV, Alpha Tiger shall acquire an additional 
          equity interest in Vipul to equate to an aggregate 74 per cent. voting 
          and economic equity interest.  Such incremental consideration shall be 
          the residual balance after the deduction of the FCDs' principal amount 
          and the accrued interest from 74 per cent. of the calculated NAV;
          
     o    Further to the completion mechanism, Alpha Tiger shall own 74 per 
          cent. and Logix shall own 26 per cent. of the voting and economic 
          rights of Vipul.


About Alpha Tiger Property Trust Limited

Alpha Tiger is a Guernsey registered closed-ended investment company investing
in and developing Indian real estate, focusing on business parks and business
park-led mixed use property. The Company is listed on AIM.

Further information is available at www.alphatigerpropertytrust.com




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