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Alpha Real Trust unhappy about Industrial Multi Property bid

Alpha Real Trust holds 18.7% of the share capital of Industrial Multi Property Trust (IMPT), and also holds GBP10.3 million of unsecured subordinated debt (value as of 30 September 2016).

The directors of Alpha Real Trust wish to inform shareholders that they have not been consulted regarding the offer for IMPT by Hansteen and believe it substantially undervalues IMPT.

Alpha Real Trust notes that IMPT has not provided shareholders with an updated NAV since 30 September 2016 and believe that industrial property values may have risen significantly over this period.

The offer fails to reflect the significant stamp duty land tax saving (estimated at up to GBP2 million by Jones Lang LaSalle Limited and portfolio premium benefits that were advised to IMPT by Jones Lang LaSalle in their letter of December 2016.

The Board of IMPT has a duty to maximise value for shareholders and the directors of Alpha Real Trust believe the offer fails to achieve this.

ARTL : Alpha Real Trust unhappy about Industrial Multi Property bid

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