Interim Management Statement

14 May 2014

ALPHA UK MULTI PROPERTY TRUST PLC

(the "Company" or together with its subsidiaries the "Group")

INTERIM MANAGEMENT STATEMENT

Alpha UK Multi Property Trust PLC is today announcing an Interim Management Statement for the quarter ending 31 March 2014 and the period up until the date of this announcement. The information contained herein has not been audited.

Highlights:

· Adjusted net asset value ("NAV") per ordinary share - 220 pence as at 31 March 2014 (224 pence at 31 December 2013).

· Adjusted earnings per ordinary share ("EPS") - -4.4 pence (a loss) for the three months to 31 March 2014 (profit of 12.6 pence for the twelve months to 31 December 2013).

· Occupancy improved - the occupancy level by estimated rental value stood at 86.7% as at 31 March 2014, compared with 84.6% as at 31 December 2013.

· Increase in property valuation - the valuation of the portfolio increased by £0.03 million.

· New lettings achieved - 22 new lettings and 4 lease renewals achieved during 2014 (representing 4.49% of the estimated rental value ("ERV") of the total portfolio, based on the final achievable annual rent including stepped rent).

Revaluation and NAV

The Company's adjusted NAV per ordinary share was 220 pence as at 31 March 2014 which represents a decrease of (1.7%) from that reported at 31 December 2013 of 224 pence. This decrease is due to the increased finance costs, following the refinancing in December 2013.

The Group's property portfolio was valued at 31 March 2014 by DTZ Debenham Tie Leung Limited at £77.6 million.

Adjusted EPS

The Company's adjusted EPS was a -4.4 pence (a loss) during the quarter ended 31 March 2014. Despite the improved occupancy and underlying rental income, the adjusted EPS fell due to increased finance costs.

Property Update

Tenant/letting activity can be summarised as follows:

The Investment Adviser and Manager continues to progress the published strategy to deliver shareholder value, namely:

· To enhance net rental income.

· To reduce borrowings through surplus rental income and to reduce the loan to value through limited strategic sales.

· To deploy capital when 'value add' opportunities are identified.

Occupancy across the portfolio has increased with 86.7% of the portfolio let as at 31 March 2014 based on the ERV, compared with 84.6% as at 31 December 2013. Progress continues to be made in letting void units; 22 new lettings and 4 lease renewals have been successfully completed in the quarter to 31 March 2014 at a final achievable annual rent, including stepped rent, of approximately £0.4 million per annum.

Contact:

Jonathan ClagueChairman, Alpha UK Multi Property Trust Plc+44 (0) 1624 681250Tom PissarroFund Manager, Alpha Real Capital LLP +44 (0) 20 7391 4714

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.

FORWARD LOOKING STATEMENTS

This interim management statement contains forward-looking statements which are inherently subject to risks and uncertainties because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are based on the Board's current view and information known to them at the date of this statement. The Board does not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this interim management statement should be construed as a profit forecast.