8th Dec 2015 16:59
LONDON (Alliance News) - Alpha Pyrenees Trust Ltd said Tuesday that it has sold a portfolio of five properties in France, totalling 127,850 square meters, for EUR142.7 million to an investment vehicle managed by Colony Capital Inc.
The sale is part of an orderly realisation supported by the trust's lender, Barclays Bank PLC, it said. The proceeds will be used to reduce its bank borrowings. It does not expect there will be any value return to ordinary shareholders after the repayment of the bank borrowings.
Shares in Alpha Pyrenees were untraded Tuesday. It last closed at 0.269 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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