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Article: Steep fall in NAV for Alpha Pyrenees.
- Article from:
- Investors Chronicle - magazine and web content
- Article date:
- August 18, 2009
CopyrightCOPYRIGHT 2009 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Claer Barrett
SHARE TIP UPDATE: European property values on the slide, but mountainous dividend intact
Continental property specialist Alpha Pyrenees has suffered a 53 per cent fall in its net asset value (NAV) in the first half this year as a result of rapidly deteriorating Spanish property values.
Nearly 90 per cent of the trust's property portfolio is in France, where values only slipped by 6.3 per cent in the period, and 85 per cent of rental income comes from Grade A tenants. However, its Spanish properties suffered an 18.1 per cent drop in value and one of its Spanish tenants has gone bust since the period end. Rents from ...