Alpha Pyrenees Trust falls 18.75% as loan deadline looms

15th Aug 2014 15:32

French property investor Alpha Pyrenees Trust is seeking funding ahead of a loan expiry deadline early next year, hitting its shares.The group, which posted an adjusted loss of £1.6m for the half-year to 30 June, said its existing borrowing facilities terminate on 10 February 2015.Chairman Dick Kingston said: "The board continues to pursue alternative financing options in the run-up to the maturing of the bank borrowings."The group's adjusted net asset value stood at 12p at the end of the period, a significant fall from 22.8p at the end of December and a 16.5p loss year-on-year.Alpha Pyrenees said 92% of its portfolio value was in France, with 83% in the Paris region and 84% of its rental income comes from Grade A tenants.Alpha said it had continued to actively manage portfolio assets, particularly extending lease terms and letting vacant units to secure the trust's income. The new leases and lease extensions cover 15,290 square metres, making up 6% of the portfolio.The company made €7m (£5.6m) from selling two properties at or above book value.Alpha Pyrenees Trust shares were down 18.75% to 3.25p at 14:24 on Friday.DC