2nd Sep 2014 10:32
LONDON (Alliance News) - Alpha Pyrenees Trust Ltd said Tuesday it has signed a new 12-year lease with its existing client Alcatel-Lucent SA, with a minimum fixed term of nine years, for the Villarceaux-Nozay business park in France.
The new lease is an increase of almost five years in fixed-term commitment from the previous lease which had around four years remaining.
Under the agreement Alpha Pyrenees has committed to EUR9 million of staged capital expenditure towards creating a new lettable area and building improvements at the business park. The additional lettable area will generate an additional EUR487,000 of rental income per year on completion.
Alpha Pyrenees said the deal increases the effective weighted average lease length to expiry of its portfolio from 7.8 years as at June 30 to 10.4 years.
Shares in Alpha Pyrenees were trading up 4.0% at 2.99 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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