ALPHA PYRENEES TRUST LIMITED 
By Alpha Pyrenees Trust Limited today publishes its 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.
KEY POINTS• NEW LEASES AND LEASE EXTENSIONS COVERING 14,235 SQUARE METRES (5.4% OF THE TRUST'S PORTFOLIO BY AREA) ACHIEVED SINCE 1 JANUARY 2014
• ADJUSTED NAV* 21.9 PENCE PER SHARE AS AT 31 MARCH 2014 (31 DECEMBER 2013:
22.8 PENCE PER SHARE)• 82% OF PORTFOLIO INCOME COMES FROM GRADE A TENANTS
• 92% OF THE TRUST'S PORTFOLIO BY VALUE IS IN FRANCE AND 84% IS IN THE PARIS REGION
• WEIGHTED AVERAGE LEASE LENGTH IS 8.1 YEARS TO EXPIRY AND 4.2 YEARS TO NEXT BREAK FOLLOWING LEASE EXTENSIONS
VALUATION AND NET ASSET VALUE ("NAV")
The Trust's investment portfolio was last valued on 31 December 2013 at €297.2m (£245.6m at 31
March 2014 exchange rate) giving an average valuation yield across the portfolio of 8.2% (French portfolio 8.2% and Spanish portfolio 8.6%). The next independent revaluation will take place as at 30
June 2014.
As at 31 March 2014 the adjusted NAV* is 21.9 pence per share. The decrease in adjusted NAV from
31 December 2013 (22.8 pence per share) is primarily due to the depreciation of the Euro during the quarter.
*Adjusted NAV - unaudited, after adjustments for the interest rate swap derivatives and 50% of the deferred tax provisions.
FINANCINGAs at 31 March 2014, the Trust has total borrowings of £221.0m (€267.4m) under its facilities with Barclays Bank PLC. All borrowings mature in February 2015 and there are no Loan to Value ("LTV") covenant tests before maturity on any of the Trust's borrowings. The Board continues to pursue a combination of realising equity through selective asset sales and alternative financing options in order to support the settlement of the bank borrowings as they mature.
DIVIDEND
The Trust does not currently propose to pay dividends.
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Alpha Pyrenees Trust Limited is advised by Alpha Real Capital LLP, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom Registered office Old Bank Chambers La Grande Rue St Martin's Guernsey GY4 6RT PROPERTY UPDATE
The Trust's Investment Manager has continued to concentrate on active asset management and property management initiatives within the portfolio to secure the Trust's income and we are pleased to report further progress in the letting of vacant areas and the extension of leases.
Since 1 January 2014, new leases and lease extensions covering approximately 14,235 square metres (5.4% of the Trust's portfolio by area) have been achieved. Of this total, 5,150 square metres were previously detailed in the annual report and new leases and lease extensions covering approximately 9,085 square metres have been completed since the annual report was published as detailed below.
FRANCE
• Gennevilliers - in line with the asset management strategy to extend lease maturity, the Trust has signed a new 6/9 year lease with Husqvarna France from April 2014. Husqvarna France occupy the whole of the office and light industrial building totalling 3,410 square metres and the previous lease had a break option at September 2014.
• Goussainville - A new 3/6/9 year lease starting in April 2014 was signed with Fly Aviation, an aeronautical services company, on 285 square metres of vacant office space and existing tenant, Hurco, extended their lease on a 900 square metre warehouse unit to May 2017.
SPAIN
• Cordoba - Dia extended their lease on a 1,200 square metre retail unit until September 2015 and UCC extended their lease on a 3,000 square metre cinema until June 2015.
• Ecija - Burger King extended their lease on a 250 square metre retail unit until August 2015 and Mis Tacones extended their lease on a 40 square metre retail unit until July 2015.
GENERAL
The Investment Manager remains focussed on ensuring service charges are controlled; the annual level of property costs is closely monitored and additional sources of income are identified.
The Trust's portfolio has an overall level of average occupancy of 85% (84% at 31 December 2013), measured by rental income as a percentage of potential total income, with 82% of the portfolio income coming from Grade A tenants and a weighted average lease length of 8.1 years to expiry and 4.2 years to next break.
The INSEE Construction Cost Index ("ICC"), applicable to the Trust's leases in France, showed an annualised growth of -1.46% for the latest published quarter, Q4 2013, following an annualised growth rate of -2.18% as at Q3 2013.
The Spanish Consumer Price Index, applicable to the Trust's leases in Spain, was running at an annualised rate of growth of -0.1% as at the end of March 2014 but estimates for the end of April 2014 show that this had increased to 0.4% (0.3% as at the end of December 2013).
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Alpha Pyrenees Trust Limited is advised by Alpha Real Capital LLP, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom Registered office Old Bank Chambers La Grande Rue St Martin's Guernsey GY4 6RT
For further information:
Dick Kingston, Chairman, Alpha Pyrenees Trust Limited 01481 231100
Paul Cable, Fund Manager, Alpha Real Capital LLP 020 7391 4700
For more information on the Company, please visit www.alphapyreneestrust.com.
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.
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Alpha Pyrenees Trust Limited is advised by Alpha Real Capital LLP, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom Registered office Old Bank Chambers La Grande Rue St Martin's Guernsey GY4 6RT|
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