Interim Management Statement

19 May 2011

ALPHA UK MULTI PROPERTY TRUST PLC (the "Company")

INTERIM MANAGEMENT STATEMENT

Alpha UK Multi Property Trust Plc today publishes its interim management statement for the quarter

ended 31 March 2011 and the period up until the date of this announcement. The information

contained herein has not been audited.

Highlights:

·; Increased Net Asset Value to 33.6 pence per Ordinary Share

·; Successful disposals of two units realising £0.68 million, a premium to the most recent valuation for these properties

·; Strengthened balance sheet with reduction in debt of £1.34 million

·; The loan to value ('LTV') has reduced from 73.1% to 72.5%

·; Occupancy continues to show strong signs ofstabilising

·; Further progress in letting of vacant units

Revaluation and Net Asset Value

The Company, which is invested primarily in UK commercial property, today announces its net asset value of 33.6 pence per Ordinary Share as at 31 March 2011. This represents an increase of 0.3% on the previous published net asset value per Ordinary Share at 31 December 2010 of 33.5 pence per Ordinary Share.

During the period, the Company's net asset value has benefited from gains of £0.44 million, given the value of its net interest rate swap and cap liabilities have reduced from net liabilities of £1.19 million at 31 December 2010 to £0.75 million at 31 March 2011.

The Company's property portfolio was valued at 31 March 2011 by DTZ Debenham Tie Leung Limited ("DTZ") at £111.25 million, a fall of £0.33 million or 0.3% over the quarter for those properties held at 31 March 2011.

The property portfolio will next be valued by an external valuer at 30 June 2011.

Property Update

The Property Investment Adviser ('PIA') continues to progress the published strategy:

·; To enhance net rental income,

·; To deploy capital when 'value add' opportunities are identified,

·; To undertake limited strategic sales,

·; To amortise borrowing through rental surplus and to reduce the LTV.

Occupancy across the portfolio continues to show strong signs of stabilisation with void levels, based on the estimated rental value, at 22.9%, as at 1 May 2011 and 20.4%, upon completion of all lettings currently under offer.

Further progress continues to be made in letting up the remaining vacant units. 16 new lettings have been completed in the period at a final achievable annual rent, including stepped rent, of £323,663 per annum.

Tenant/letting activity can be summarised as follows:

In addition, during the period the Company completed the sale of two units at Shadsworth Industrial Estate, Blackburn realising £0.68 million. This represented an increase of £0.13 million or 22.7% on the prevailing valuation of the units. The proceeds from the sale have been wholly used to repay debt to the Company's secured lender.

Financing

During the quarter to 31 March 2011, the Company repaid debt to its secured lenders of £0.40 million, with a further £0.94 million of secured debt repaid in April 2011 (which includes the proceeds from the sale of the two units at Shadsworth Industrial Estate, Blackburn referred to above). As a result of these loan repayments, the total secured debt of the Company has reduced by £1.34 million to £80.64 million at the date of this announcement, with the loan to value ("LTV") reducing from 73.1% at 31 December 2010 to 72.5% currently.

As previously reported, terms have been agreed to resolve the then current breach of covenant with Nationwide, in respect of loans to CHIP (Six) Limited. Further discussions have been subsequently held with Nationwide to agree a more permanent solution to the current and any future potential covenant breaches. These discussions have been positive and the Company shall provide a further update in due course.

During the period, the Company's net asset value has benefited from gains of £0.44 million, given the value of its net interest rate swap and cap liabilities have reduced from net liabilities of £1.19 million at 31 December 2010 to £0.75 million at 31 March 2011. Whilst the total market valuation of the interest rate swaps is currently in deficit, their value will run to zero over the term of the contracts, which is the intention of the Company. The swaps and cap continue to provide a fixed rate of interest to the Company

Contact:

Jonathan ClagueChairman, Alpha UK Multi Property Trust Plc19 May 2011Tom PissarroFund Manager, Alpha Real Capital LLP 020 7268 0300

For more information on the Company please visit www.alphaukmultipropertytrust.com.

For more information on the Company's Investment Manager please visit www.alpharealcapital.com.