AXA PROPERTY TRUST LTD - Interim Management Statement
November 12 2014 - 04:30AM
PR Newswire (US)
To: Company Announcements
Date: 12 November 2014
Company: AXA Property Trust Limited
Subject: Interim Management Statement
CORPORATE SUMMARY
The implementation of the portfolio exit strategy continues with the recent
completion of the sales at Würzburg and Köthen, both in Germany. Three further
German assets at Kraichtal, Lindheim and Dasing are on the market, as is the
logistics asset at Venray in the Netherlands. The two remaining larger German
assets will be brought to market in the early part of 2015 when it is also
anticipated that the marketing of the two Italian assets will commence.
PORTFOLIO UPDATE
Country Allocation at 30 September 2014 (by value)
Country % of portfolio
Germany 65%
Italy 27%
Netherlands 8%
Sector Allocation at 30 September 2014 (by value)
Sector % of portfolio
Retail 58%
Industrial 27%
Leisure 15%
The Company's net property yield on current market valuation (after acquisition
and operating costs) as at 30 September 2014 was 7.77% (7.53% as at 30 June
2014).
LOAN FACILITIES
Gross Loan to Value (LTV) Unaudited Audited
Covenants
30 September 30 June 2014 Maximum
2014
Main loan facility 43.80% 45.10% 60.00%
The Group continues to comply with the 60% loan-to-value ("LTV") covenant of
the main loan facility with Crédit Agricole and Credit Foncier. A further loan
prepayment was made after the quarter end following the disposal of the asset
at Köthen, Germany resulting in a new loan balance of £29.54 million (€37.91
million) and an LTV of 43.8%. The loan is due to mature on 1 July 2016.
Interest Cover Ratio Historic Minimum Projected Minimum Net rental
at 30 September 2014 (Unaudited) (Unaudited) income
headroom
Main loan facility 2.25x 2.00x 2.89x 1.85x 0.36x
covenant
Interest Cover Ratio (ICR) is calculated as net financing expense payable as a
percentage of net rental income less movement in arrears. Net rental income
headroom is based on projected interest cover.
CASH POSITION AND CAPITAL EXPENDITURE
At 30 September 2014 the Company and its subsidiaries held total cash of
£6.22million (EUR7.98 million) (including a 50% share of the Agnadello JV's
cash). The anticipated capital expenditure over the next twelve months is £0.7
million million (EUR0.9 million).
NET ASSET VALUE
The Company's Net Asset Value as at 30 September 2014 will be announced in due
course.
Company website:
http://www.axapropertytrust.com
All Enquiries:
Investment Manager
AXA Investment Managers UK Limited
Broker Services
7 Newgate Street
London EC1A 7NX
Tel: +44 (0)20 7003 2345
Email: broker.services@axa-im.com
Broker
Oriel Securities Limited
Neil Winward
Tel: +44 (0)20 7710 7600
Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
GY1 3QL
Tel: +44 (0)1481 745436
Fax: +44 (0)1481 745085
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