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Article: Alpha Pyrenees trust sees NAV halved.
- Article from:
- Investment Adviser
- Article date:
- August 24, 2009
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Byline: Rob Langston
Closed-end property fund Alpha Pyrenees trust revealed NAV per share has halved over the first six months of the year compared with the prior-year period.
The trust, which invests in a portfolio of French and Spanish commercial property, said the NAV had slipped to 44.2p per share after GBP22.9m was sliced from the valuation of the trust's investment portfolio.
Paul Cable, manager of the trust, said there were positive signs to be seen in the wider European property market as some countries continued to show more resilience.
"The market is in a more difficult place than it has ever been," he said. "However, it ...