Further to the announcement on 15 December 2015, Alpha Pyrenees has announced that it has sold its properties located at Athis Mons, Aubergenville and Aubervilliers in France totalling approximately 59,730 square metres for EUR24.3 million.
The purchaser is an investment vehicle managed by Colony Capital, Inc. (NYSE: CLNY), 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, and the net proceeds from this sale will be used to reduce the Trust’s bank borrowings.
As previously stated, 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. The Trust will provide further updates in due course.
ALPH : Alpha Pyrenees sells three more properties