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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Axa Property Trust Limited | LSE:APT | London | Ordinary Share | GG00BHXH0C87 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.75 | 31.00 | 32.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAPT To: Company Announcements Date: 28 August 2015 Company: AXA Property Trust Limited Subject: Net Asset Value 30 June 2015 (Unaudited) CAPITAL REDEMPTION * The company paid a capital redemption of GBP1.8 million on 26 May 2015 and GBP 5.2 million on 30 July 2015, bringing the total capital returned to Shareholders to GBP13.1 million. CORPORATE SUMMARY * The Company's unaudited Consolidated Net Asset Value at 30 June 2015 was GBP 49.46 million (57.73 pence per share), an increase of GBP1.87 million (4.17 pence per share) since 31 March 2015 when the Consolidated Net Asset Value was GBP47.60 million (53.56 pence per share); * The Company and its subsidiaries made a profit after tax of GBP8.03 million (9.37 pence per share) in the twelve month period to 30 June 2015; MANAGED WIND-DOWN STATUS * The Company continues to progress the managed wind-down of its portfolio with a view to realising its investments by December 2015 in a manner that achieves a balance between maximising the value from the Company's investments and making timely returns of capital to shareholders. * The sales of Altenstadt-Lindheim and Kraichtal have been completed during the quarter. * Marketing of the properties at Curno and Agnadello was progressed as part of an Italian portfolio including a third asset owned by European Added Value Fund S.à.r.l. (a subsidiary of European Added Value Fund Limited) which is also the Company's 50% Joint Venture partner in Agnadello. * Marketing of Venray and Fuerth is ongoing, while at Dasing and Rothenburg asset management initiatives are being finalised before approaching potential purchases. * Year end 2015 remains the target for the completion of all sales, however at present it is considered that the completion of the sale of certain assets may not occur until early 2016. PORTFOLIO UPDATE Country Allocation at 30 June 2015 (by value) Country % of portfolio Germany 63% Italy 30% Netherlands 7% Sector Allocation at 30 June 2015 (by value) Sector % of portfolio Retail 55% Industrial 28% Leisure 17% MARKET UPDATE German Retail The performance of monthly retail sales support the view that consumption remains a strong pillar of the German economy as they continued to increase in May 2015 by 0.5%. One of the main reasons behind the recent rise in retail sales had been the positive effect of falling oil prices, leading to enhanced spending on other items. As oil prices are likely to firm over the coming months, this effect could weaken. In the first half of 2015, investments in German retail soared to EUR9.8bn. Volumes have more than doubled in comparison to H1 2014. Portfolio sales contributed strongly to the overall investment volume and were responsible for 65% of all sales. Also regional centres and second-tier cities have gained in popularity which reflects the higher risk affinity of investors. High street investment volumes were boosted by the takeover of 43 Galeria Kaufhof department stores by Canada based Hudson's Bay Company. Prime yields have remained flat in all markets with the exception of Munich and Hamburg, where yields fell by 10bps and 9bps respectively. Yields in all German markets are at their lowest level on record. Prime rents have been flat over the last quarter in all markets. Italian Industrial The take-up of industrial space in Italy in Q2 2015 reached 204,650 sq m, an increase of almost 250% on the previous quarter and a 1% decrease on same period of 2014. Quarterly take-up involved existing buildings and no pre-let transactions have been recorded. With 27% of quarterly take-up, 3PL operators were once again the most active occupiers, followed by retailers which are increasingly gaining influence as a driver of demand. Milan and its environs continued to be the region with the strongest letting activity. Overall, prime rents increased in the first quarter to EUR50/sq m/year in Milan, up from EUR48/sq m/year of the previous quarter, according to CBRE. In the second quarter of 2015, no significant investment transactions have been recorded in the Logistics sector. Half-yearly volume remained slightly below EUR 90m. Netherlands Logistics In the Netherlands, the industrial market is continuing to benefit most from the country's economic recovery, due to its central location along the European logistics corridor. The Central and East Brabant and Limburg regions, which are focused on European distribution and high-tech sectors, continue to benefit from cheaper rents and good accessibility to the rest of Europe. Occupiers are actively looking to relocate to more modern facilities with good accessibility but overall demand growth looks set to remain weak over the next few quarters, given the current uncertainty in the Eurozone. Following strong growth in along the European corridor (up 4.2% in Rotterdam) in the first quarter, prime rents have remained stable in the second quarter of 2015 at EUR75/sq m/year. The investment market has, however, revived in the second quarter, with EUR408m invested into industrial property, which represents a 8% year-on-year increase. While anticipated improvement in demand had pushed prime yields down in Q1 2015, prime yields remained stable in Q2 2015. In Amsterdam and Rotterdam, they now stand at 6%. CONSOLIDATED PERFORMANCE SUMMARY Unaudited Unaudited 9 months ended 12 months ended 31 March 2015 30 June 2015 Quarterly Movement Pence per Pence per Pence per share share share /(%) Net Asset Value per share 53.56 57.73 4.17 7.8% Earnings per share 3.84 9.37 5.53 Share price (mid market) 43.38 44.75 1.37 3.2% Share price discount to Net 3.5 Asset Value 19.0% 22.5% percentage points Total Return per Share Unaudited Unaudited 9 months ended 12 months ended 31 March 2015 30 June 2015 Net Asset Value Total Return -1.7% -4.0% Share Price Total Return - AXA Property Trust 6.1% 10.5% - FTSE All Share Index 4.2% 2.6% - FTSE Real Estate Investment 23.6% 19.5% Trust Index Source: Datastream; AXA Real Estate Total net profit was GBP8.03 million (9.37 pence per share) for the twelve months to 30 June 2015, including GBP1.53 million of "revenue" profit (excluding capital items such as revaluation of property) and GBP6.49 million "capital" gain, analysed as follows: Unaudited Unaudited Unaudited 9 months ended 3 months ended 12 months ended 31 March 2015 30 June 2015 30 June 2015 GBPmillion GBPmillion GBPmillion Net property 3.53 1.17 4.71 income Net foreign exchange (losses) / gains (0.36) (0.06) (0.42) Investment Manager's fees (0.33) (0.09) (0.43) Other income and expenses (1.28) 0.27 (1.01) Net finance (1.06) (0.26) (1.32) costs Revenue profit 0.50 1.03 1.53 Unrealised (losses) / gains on revaluation of investment 1.91 4.79 6.70 properties Net losses on disposal of investment properties - (0.71) (0.71) (loos) / Gain on disposal of shares in subsidiary - - - Net (Losses) / gains on derivatives 0.59 0.13 0.72 Share in (losses) / Profit of Joint Venture 1.41 0.05 1.45 Finance costs (0.46) (0.09) (0.56) Net foreign exchange losses (0.13) (0.06) (0.19) Deferred (0.40) (0.52) (0.92) tax Capital loss 2.91 3.58 6.49 - Total (net loss) / profit 3.41 4.61 8.03 NET ASSET VALUE The Company's unaudited Consolidated Net Asset Value per share as at 30 June 2015 was 57.73 pence (53.56 pence as at 31 March 2015), an increase of 4.17 pence. The Net Asset Value attributable to the Ordinary Shares is calculated under International Financial Reporting Standards. It includes all current year income after the deduction of dividends paid prior to 30 June 2015.
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August 28, 2015 05:14 ET (09:14 GMT)
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