Result of EGM and Acquisition

Alpha Pyrenees Trust Limited
26 June 2006



For publication in the United Kingdom only. Not for release, publication or
distribution in or into any other jurisdiction including the United States,
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26 June 2006



Alpha Pyrenees Trust Limited ('Alpha Pyrenees' or the 'Company')
Result of EGM and Acquisition



Alpha Pyrenees is pleased to announce that at the Extraordinary General Meeting
('EGM') held today, each of the resolutions was passed.


The EGM was convened in connection with the proposed acquisition of a property
in Evreux, France (the 'Acquisition'), the proposed issue of 2,500,000 ordinary
shares in connection with the acquisition and the proposed alteration of the
Company's borrowing powers.


The consideration for the Acquisition is €10,450,000 in cash, representing an
initial purchase yield (including 'build cost' reimbursement) of 8.4 per cent.
per annum before estimated purchase costs.  This is consistent with an
independent valuation of the Evreux Property as at 1 May 2006.  The tenant is
Laboratoire GlaxoSmithKline SAS.  The Evreux Property is used as a distribution
warehouse for pharmaceutical goods and will provide a property income stream
which will enhance the Alpha Pyrenees group's earnings.



Shareholder approval of the Acquisition is a condition precedent required for
completion. The Acquisition is now expected to complete on 30 June 2006.



It is expected that the 2,500,000 ordinary shares to be issued in connection
with the Acquisition will be admitted to the Official List and to trading on the
London Stock Exchange's market for listed securities on 4 July 2006.



For further information please contact:



Phillip Rose, CEO, Alpha Real Capital          020 7591 1609
John O'Malley, Kinmont                         020 7493 8488



Notes:



ABOUT ALPHA REAL CAPITAL



Alpha Real Capital is a value-adding international property funds 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.



Phillip Rose has 25 years' experience in the real estate, funds 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.



Alpha Real Capital is the Investment Manager to Alpha Pyrenees.  Alpha Real
Capital's European Funds Director, Paul Cable, is 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 Guernsey registered closed-ended investment company
investing in French and Spanish commercial real estate.



Investment Strategy



Alpha Pyrenees' strategy is to 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.


                      This information is provided by RNS
            The company news service from the London Stock Exchange   D

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