|Price above 60p - partly an artefact of the rise in the Euro, but is there some hope brewing that the endgame may be nigh.|
|@davebowler - Further updates in RNS' of 05/07/16 and 26/08/16
5 July 2016
Extension of the Company's Debt Facility [to 31 December 2016]
26 August 2016
Completion of Sale at Dasing, Germany [sales proceeds used to pay down the Company's outstanding debt. Further updates in respect of the sales of the Company's remaining three assets will be provided in due course.]
Would expect sales update with 30 Sept NAV announcement before end-Nov|
|The extension of the loan facility to only December 2016 seemed perhaps to suggest that APT were confident of selling the remaining properties within that timescale. If the Italian properties were being marketed in June and the German property being prepared for sale at that same time then we might have hoped to have heard something by now, four months later. Personally I'd be happy for them to take a quick sale at below NAV and get the proceeds distributed a.s.a.p.|
|I wonder how they are getting on since this-
16 June 2016
AXA Property Trust Limited
Update on Asset Disposals and the Company’s Debt Facility
The Board of AXA Property Trust Limited is pleased to announce that the Company has contracted
for the sale of the property at Dasing, Germany at a sales price in line with valuation. Completion is
due in August 2016. Sales proceeds after disposal costs will be used to continue to pay down the
Company’s outstanding debt facility.
Following the sale of Dasing the Company’s remaining assets will comprise a retail investment in
Germany, a logistics property close to Milan and a cinema close to Bergamo. Both Italian assets are
being marketed, whilst asset management initiatives to prepare the German asset for sale are being
finalised. The Manager remains focussed on delivering disposals of the remaining assets in a timely
manner and updates on further sales will be provided as they are agreed under contract.
The Company is in advanced discussions with its lender, CACIB, to provide a short term extension to
its debt facility with effect from 1st July 2016 and will issue a further announcement once this has
|langland, I'm in the same position - I have my maximum 10% allocation so won't add but equally I have no intention of selling.
I can't see APT existing in, say, 12 months time (quite possibly less) and even if the return is somewhat less than the current NAV it's still potentially very attractive. For example, reducing the NAV by 10% for distribution would still suggest an uplift of Bid share price of almost 17% on a 12 month view. Worth remembering too that the Sterling/Euro exchange rate is being forecast to get worse, which would further benefit the NAV.|
|redhill, I tend to agree but am prepared to sit this out to the end. I already have enough so won't add here.|
|langland, agreed, I have it at 73p (as you say, all other things being equal).
Market seems to be pessimistic about prospects for residual sales. Current Bid share price of 56p suggests a discount of c.25% which surely is way too high considering how few properties remain and APT's track record.|
|Based on current fx (and all other things being equal) NAV should be around 72/3.|
|RNS this afternoon regarding sale of Dasing at full NAV. Proceeds to be used to reduce debt, as previously announced.
Stills looks a strong hold to me with discount still c.25% although the Italian properties may perhaps prove tricky to sell.
26 August 2016
AXA Property Trust Limited
Completion of Sale at Dasing, Germany
Following the Company’s announcement on 16th June 2016, the Board of AXA Property Trust Limited is pleased to announce completion of the sale of the Company’s property at Dasing, Germany, for the price of €7.45 million, in line with the last reported independent valuation. In accordance with the terms of the Company’s loan facility with CA-CIB, sales proceeds after disposal costs will be used to continue to pay down the Company’s outstanding debt facility, which post-sale will reduce to €11.48 million.
Further updates in respect of the sales of the Company’s remaining three assets will be provided in due course.|
and article HTtps://www.trustnet.com/News/683434/stephens-property-funds-look-eye-wateringly-attractive/|
|No, not really, as many companies with debt make shareholder distributions but in this situation of liquidation the restriction is understandable.
Good to see share price up so far today.|
|Debt always takes priority to shareholders returns sadly!|
|RNS this morning regarding debt facility extended. Slight bad news in the last line that debt repayments will take priority to shareholder distributions, but in view of strong Euro to Sterling probably still worth waiting.
AXA PROPERTY TRUST LTD - Extension of the Company's Debt Facility
London, July 5
5 July 2016
AXA Property Trust Limited
Extension of the Company’s Debt Facility
In view of the targeted disposal timetable for the Company’s remaining real estate assets, the Board of AXA Property Trust Limited is pleased to announce that the Company has agreed and concluded an extension of the Company’s loan facility with its co-lenders. The terms of the extension are as follows:
Remaining loan EUR 17,964,525
Maturity date 31st December 2016
Loan-to-value (LTV Test) 42.6% (60% maximum limit)
Based upon bank valuation as at 31 March 2016
Margin 240 bps
Extension fee EUR 90,000
All-in rate EURIBOR 3M + 240bps
Under the terms of the extension net sales proceeds and rents from the portfolio will be used to repay the debt in priority to shareholder distributions.|
|Given the devaluation of sterling, the NAV must be looking pretty good. Obviously there's the fun and games of trying to sell the Italian properties.|
|Dasing seemingly sold in line with valuation.
|That NAV at 31/3/16 used euro rate of 1.261 but £ has strengthened about 4% since then, reducing NAV by around 2.65p (all other things being equal). They've also reduced the property valuations slightly in euro terms.
Tend to agree that it's worth just letting the shares run - APT still suggesting wind down by 31/12/16 which, at current NAV, would give a decent 7 month return plus there may be a chance of another interim cash distribution along the way if Dasing completes mid-year as forecast. I'd estimated previously that Dasing was worth maybe 14p per share.|
|There is a new update out. Unaudited NAV is 66.95p at end of March. Not sure I set that much store by this as the update says no bids were received for the Italian assets.
Difficult to know what to do. Buying more is superficially attractive because of the discount. But this is now a half Italian half German concern, and there are certainly issues with the former. I will probably end up doing nothing and just let my comparatively small holding take its course.|
|Buys picking up steam - going thro @ 57.5p.
News soon, imo.|
|Buys keep rattling in - some above the offer.
Credit Suisse increasing again?|
|NAV = 62.06 pence at 31 December 2015 - £47.14 million
Remaining holdings, currently =
shopping centre at Rothenburg, Bavaria - 38.4% portfolio
multiplex cinema complex at Bergamo Lombardy - 27.8% portfolio
50% JV - distribution warehouse at Agnadello, Milan. - 20.9% portfolio
Industrial unit at Dasing, Germany - 12.9% (Completion - April) Sold
Total bank debt = GBP14.76 million (EUR31.07 million) at 31 December 2015
due to mature on 1 July 2016.
The Company and its subsidiaries (including JV at 50%) held total cash of £21.7 million at quarter end, of which £11.0 million were returned to shareholders in January,
But interesting to note ; management have stated that they are quite confident of a good result from Rothenburg, leaving the 2 Italian assets, & I would have thought that the Multiplex should be saleable leaving the stumbling block as the JV 50% distribution warehouse Agnadello holding (obviously may be wrong & it's the multiplex that is the problem instead).
From Note 8 to the accounts:-
Agnadello has a value (to APT) of £8.961m - but £7.286, of it, derives from loan balances due to be repaid to APT (so virtually cash) leaving a valuation of £1.675m for the asset (to APT).
So even if sold for 50% discount will only be a loss of £837,000 ? - a slightly bitter, but not overly nasty taste.
The Directors estimate that the wind-down costs will be approximately £252,950 (30 June 2015: £194,272). - so increasing !!
Investment manager due 1.01% of NAV per annum - so £471,000.
So, personally, think an early resolution is preferable.|
|However,also from the Interims:-
"At 31 December 2015 the total bank debt stood at GBP14.76 million (EUR31.07 million) (before capitalised debt issue costs) with an LTV of 50.7%. The loan is due to mature on 1 July 2016."
So would expect Dasing to help pay off the loan.|
|This is the most recent report.
Dasing Bavaria property is due to complete in April so, hopefully, we should get another return of cash soon. Latter accounted for 13% of valuation.
In addition, EUR is 8.5% higher against GBP than at 31/12. Therefore, a straight read across from the Dec NAV should give us 67p+ currently.|
|The final report to June 30 2015 stated it was expected all would be sold by end of Dec 2015, but that some slippage would occur into early Q1 2016.
However, doesn't preclude all being sold early.
NAV should be around 64.5p now due to fx.|
|Eeza - thank you. What date did they have before?|
|Fund factsheet released on 21 March - now states that sales expected to complete before end Dec 2016.
Link to pdf