31st Oct 2007 07:02
Alpha Pyrenees Trust Limited31 October 2007 31 October 2007 ALPHA PYRENEES TRUST LIMITED ("ALPHA PYRENEES" OR THE "COMPANY") QUARTERLY TRADING UPDATE Alpha Pyrenees Trust Limited today issues this trading statement in respect ofthe quarterly period to 30 September 2007. As announced on 31 July 2007, this isthe Company's first quarterly trading update including a quarterly valuation.The information contained herein has not been audited. HIGHLIGHTS • UNAUDITED NAV* UP 0.8% TO 98.6p • QUARTERLY DIVIDEND OF 1.5 PENCE PER SHARE • DIVIDEND EXPECTED TO BE INCREASED TO 7 PENCE PER SHARE PER ANNUM IN 2008 • TOTAL VALUATION OF THE PORTFOLIO AT 30 SEPTEMBER 2007 IS €338.4 MILLION • PIPELINE OF OVER €140 MILLION IN EXCLUSIVE DUE DILIGENCE • COMPANY ANTICIPATING BEING SUBSTANTIALLY FULLY INVESTED BY YEAR END UNAUDITED NAV* UP 0.8% TO 98.6p (30 JUNE 2007: 97.8p) As at 30 September 2007, Alpha Pyrenees' investment portfolio increased in valueon a like for like basis by €1.7m (£1.2m) over its value at 30 June 2007. Duringthe period the Company acquired properties in Mulhouse and Aubervilliers, Ile-de-France which were valued at €38.4m (£26.8m) at 30 September 2007. (*Adjusted NAV - after adjustments for the unrealised mark-to-market of thecurrency hedge, fixed rate loans and deferred taxation). QUARTERLY DIVIDEND PAYMENT The Board is declaring a quarterly dividend of 1.5 pence per share bringing thetotal declared dividends to date in respect of the current financial year to 4.5pence per share.The dividend will be paid on 14 January 2008, with an associatedex-dividend date of 12 December 2007 and record date of 14 December 2007. DIVIDEND EXPECTED TO BE INCREASED TO 7 PENCE PER SHARE PER ANNUM IN 2008 Based on the continued progress on acquisitions and the Company's healthypipeline of property investment opportunities, it continues to be the Board'scurrent intention to increase the quarterly dividend to 1.75 pence per share inrespect of the quarter to 31 March 2008 and not less than 1.75 pence per sharein respect of each quarter thereafter. It is therefore the Board's currentintention to pay a dividend of not less than 7 pence per share in respect of theyear to 31 December 2008. PORTFOLIO VALUATION IS NOW €338.4 MILLION AND EXCLUSIVE PIPELINE OF OVER €140MILLION Following completion of the acquisitions in Mulhouse, announced on 9 July 2007,and in Aubervilliers, Ile-de-France, announced on 24 September 2007, theCompany's investment portfolio was valued at €338.4m (£236.0m) on 30 September2007. This will provide the Company with an average rental yield ofapproximately 7.24% at current valuation on a stabilised rent roll ofapproximately €24.5 m per annum (£17.1m). The Company is currently in exclusivity and undertaking due diligence on anumber of property acquisition opportunities totalling over €140m (£97.6m). Inaddition we are continuing to see a good flow of new opportunities that meet ourcriteria. On the basis that the Company completes the pipeline transactions by the end ofthis financial year the Company will be nearing 90% of full investment at thatpoint. PROPERTY UPDATE In addition to the acquisitions made during the period to 30 September 2007,completion of the Huygens building at the Alcatel-Lucent Business Park isexpected shortly, ahead of schedule, at which time the deferred consideration of€14 million will be paid to Alcatel-Lucent and the rent payable will rise from€8.5 million per annum to €9.6 million per annum. At Connecta Retail Park, Cordoba, the stores that have been let to Hogaria andVisionLab (total space of 1,230 square metres) opened for trading at the end ofSeptember. The Investment Manager to Alpha Pyrenees is Alpha Real Capital LLP. For further information please contact: Dick Kingston, Chairman, Alpha Pyrenees 01481 715601 Phillip Rose, CEO, Alpha Real Capital 020 7591 1609 / 07771 880 318 Paul Cable, Fund Manager, Alpha Real Capital 020 7591 1635 / 07715 168 910 Ed Orlebar, M: Communications 020 7153 1523 / 07738 724 630 NOTES: FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements which are inherentlysubject to risks and uncertainties because they relate to future events andtherefore actual results may differ materially from those expressed or impliedby such forward-looking statements. The statements regarding dividends forfuture periods are the Board's current intentions and do not represent a profitforecast. ABOUT ALPHA PYRENEES TRUST The Company is a Guernsey registered closed-ended investment company investingin French and Spanish commercial real estate. Investment Strategy The Company's strategy is to invest in a diversified portfolio of properties inFrance and Spain, focusing on commercial property in the industrial, logistics,office and retail sectors. Alpha Real Capital believes that there will becapital growth opportunities in the portfolio through income growth, activeasset management and yield compression. For more information on Alpha Pyrenees please visit www.alphapyreneestrust.com ABOUT ALPHA REAL CAPITAL Alpha Real Capital is a co-investing international real estate fund manager withoperations in both the French and Spanish real estate markets. Alpha RealCapital was established by Sir John Beckwith and Phillip Rose and is jointlyowned by them, members of the Alpha management team and Michael Spencer. Alpha Real Capital is the Investment Manager to Alpha Pyrenees Trust. Alpha RealCapital's European Funds Director, Paul Cable, is Fund Manager, Alpha Pyrenees Trust. For more information on Alpha Real Capital please visit www.alpharealcapital.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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