Partial Portfolio Sale

RNS Number : 1482J

Alpha Pyrenees Trust Limited

15 December 2015

 



15 DECEMBER 2015

ALPHA PYRENEES TRUST LIMITED

("ALPHA PYRENEES" OR THE "TRUST")

ALPHA PYRENEES SELLS FURTHER PROPERTIES FROM ITS FRENCH PROPERTY PORTFOLIO

Further to the announcement on 8 December, Alpha Pyrenees announces today that it has sold its properties located at Fresnes and Mulhouse in France totalling approximately 11,790 square metres for €9.1 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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