15th Nov 2013 10:21
LONDON (Alliance News) - Alpha Pyrenees Trust Limited Friday said its adjusted net asset value per share rose over the course of the third quarter, mainly as a result of the depreciation of the euro during the period.
The depreciation of the euro caused a favourable movement on its currency hedges, with adjusted net asset value per share rising to 30.0 pence on September 30, from 28.5 pence on June 30.
The trust's investment portfolio was last valued on June 30 at EUR303.8 million, translating to GBP254.7 million at September 30 exchange rates, giving an average valuation yield across the portfolio of 8.2%.
The trust's adjusted NAV per share makes adjustments for the fair value mark-to-market revaluation of the interest component of the currency swap, the interest rate swap derivatives and 50% of the deferred tax provisions.
Alpha Pyrenees, which primarily holds property in France, also said Friday its discussions with Barclays PLC to secure a longer-term financing arrangement were continuing.
On October 25, Alpha Pyrenees said Barclays had agreed to extend the scheduled repayment to Monday, November 18, from October 25, with the trust planning to secure a longer-term arrangement with Barclays before then.
The fair value of the currency hedge liability, net of collateral, was EUR25.5 million on June 30. The trust had used currency derivatives to hedge its planned net invested equity, with EUR163.1 million hedged under derivatives in 2006 and 2007 and priced at market rates at that time.
Alpha Pyrenees said it has either leased out or extended existing contracts on 19,740 square metres of property since July 1.
Between January 1 and June 30, the trust said it leased out, or extended existing leases, totalling 16,580 square metres.
Despite the leasing activity, the average occupancy level across the portfolio remained at 84%.
Alpha Pyrenees reiterated that it does not currently expect to propose to pay dividends.
Alpha Pyrenees shares were Friday morning up 38% at 8.30 pence.
By Samuel Agini; [email protected]; @samuelagini
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