It's time to admit defeat on Franco-Spanish property fund Alpha Pyrenees. Last year's performance was decent enough, but the financial risks facing the over-leveraged investment trust look increasingly intractable.
IC TIP:
Hold
at
28p
The good news is that some key lease renewals in the portfolio's core Paris region drove a 2.8 per cent revaluation gain in the second half. That and rental growth (Alpha's leases are all inflation-indexed) offset a rise in the vacancy rate from 10 per cent to 13 per cent and helped buoy the share price almost 10 per cent post-results.