Alpha Pyrenees Trust Limited New Lease agreed with Alcatel-Lucent (6101Q)
September 02 2014 - 6:00AM
UK Regulatory
TIDMALPH
RNS Number : 6101Q
Alpha Pyrenees Trust Limited
02 September 2014
2 September 2014
ALPHA PYRENEES TRUST LIMITED ("ALPHA PYRENEES")
VILLARCEAUX-NOZAY BUSINESS PARK ("NOZAY")
NEW LEASE AGREED WITH ALCATEL-LUCENT
A new 12 year lease has been signed with the existing tenant,
Alcatel-Lucent, with a minimum fixed term of 9 years with effect
from 29 August 2014.
The new lease represents an increase of almost 5 years in fixed
term commitment from the previous lease which had approximately 4
years remaining.
The agreement includes a commitment from Alpha Pyrenees of EUR9m
of staged capital expenditure towards creating new lettable area
and building improvements at Nozay. This additional lettable area
will generate an additional EUR487,000 of rental income per annum
on completion.
This agreement increases the effective weighted average lease
length of Alpha Pyrenees' portfolio as follows:
-- the weighted average lease length to expiry will increase
from 7.8 years as reported at 30 June 2014 to 10.4 years, and
-- the weighted average lease length to the next break will
increase from 4.0 years as reported at 30 June 2014 to 6.7
years.
Nozay comprises approximately 36 hectares of business park space
located close to one of Paris' largest business space centres,
Courtaboeuf business park. It is also close to Campus Paris-Saclay,
a scientific hub of academic establishments including 2
universities, 10 "grandes écoles" and 7 research organizations.
Nozay contains campus style offices together with business space
and ancillary accommodation totalling approximately 82,000 square
metres and 3,000 car parking spaces post completion of the
works.
Contact:
Dick Kingston
Chairman, Alpha Pyrenees Trust Limited 01481 231 100
Paul Cable
Fund Manager, Alpha Real Capital LLP 020 7391 4700
For more information on the Trust please visit:
www.alphapyreneestrust.com
For more information on the Trust's Investment Manager please
visit:
www.alpharealcapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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