Alpha Pyrenees announces today that it has sold a portfolio of five properties in France totalling approximately 127,850 square metres for €142.7 million. The properties included in the portfolio were the Trust’s largest property, the Villarceaux-Nozay Business Park let to Alcatel-Lucent, and the Trust’s properties at Evreux, Goussainville, Roissy-en-France and Nimes.
The purchaser is an investment vehicle managed by Colony Capital, Inc., a global real estate and investment management firm.
The sale forms part of the orderly realisation process supported by the Trust’s lender, Barclays Bank PLC, and the net proceeds from this sale will be used to reduce the Trust’s bank borrowings.
As previously stated in the Trading Update released on 13 November 2015, the Board does not expect that there will be any value to return to ordinary shareholders after repayment of its bank borrowings has taken place.
Update 15 December 2015
Further to the announcement on 8 December, Alpha Pyrenees announces today that it has sold its properties located at Fresnes and Mulhouse in France totalling approximately 11,790 square metres for EUR9.1 million. Again, the purchaser is an investment vehicle managed by Colony Capital, Inc.
ALPH : Alpha Pyrenees sells five French properties