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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Axa Property Trust Limited | APT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 31.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 31.75 |
| Top Posts |
|---|
Posted at 29/9/2013 08:07 by skyship Thanks to Kenny on the IREP thread for this positive piece on Europrop:==================== European property bounce begins, core yields already responding - C&W 25 September 2013, 10:49 PM The real estate bounce has begun in Europe, with consumers, businesses and financial markets paving the way for stronger activity, says realtor Cushman & Wakefield. Prices in the best areas are already responding, with core yields falling. The fall in yields over the summer is both reinforcing the market's positive mood and encouraging new buyers and sellers to emerge. While core favourites are still in high demand, prime supply is limited, forcing investors to consider alternative strategies to find stock. "Some are chasing diversification to enhance portfolio returns while others are ready to take on risk as they seek out higher incomes or enhanced performance," C&W said. "Many however are opting to target new markets resulting in a notable upturn in the selection of non-core locations." While volumes in Europe fell 1.7% in second quarter from 1Q13, southern Europe activity rose 94% and Benelux was up 61%. In the first half overall, property investment in central Europe posted the biggest gains and had the fastest growth. "The market bounce has begun and we are starting to see the rediscovery of a whole range of markets which had been overlooked for some time, said Jan Willem Bastijn, head of capital markets at Cushman & Wakefield, EMEA. "What's more, with sentiment firmer in most areas, debt and equity increasingly available and buyers getting comfortable with more risk, the outlook is for a stronger rise in demand and activity in 2014." Property trends are following on where other investment markets have led, according to David Hutchings, C&W head of European research. "With measures of macro risk stabilising or declining, the door has opened for investors to look more broadly around Europe, albeit still in a measured way, to reflect where they see value." The premium in 10-year yields between core and non-core has come down markedly in the past year. "Some of the changes we are seeing in risk premiums are justified in light of a truer reflection of macro risk and the fact that past averages reflected an overtly tolerant attitude to risk," Hutchings said. "However, it is hard to deny that the real estate market is now sailing through calmer waters than for some years and the increased interest we are seeing is still more a vote of confidence." Investors are looking at big cities and quality real estate, with first tier cities like Milan or Madrid winning out. Bastijn added that interest is growing across Europe where the price is right, with Italy leading and the Netherlands not far behind. "We're not there yet in Spain or Portugal thanks to the slower recovery in lending in particular, but interest is definitely up and alongside Poland. I also see Spain as a key market for activity in 2014." Italy saw a 54% increase in activity in the first half of the year and recent major deals such as AIG/Lincoln's sale of the De Vinci centre mark the beginning of a real improvement. hxxp://www.pie-mag.c |
Posted at 29/7/2013 12:12 by skyship Encouraging piece from PropertyWeek:==================== The UK retail investment market saw volumes almost double in the first half of the year compared to the same period last year according to research from Cushman & Wakefield. The first six months of 2013 were 94% up compared to the first half of 2012 to £2.62bn. With a 32% market share the UK is Europe's largest retail investment market and saw volumes rise 14% on the first quarter of the year. Investment transactions across Europe in the retail sector were up by 14% in the second quarter of this year compared to the same period the previous year. 8.2bn of retail property was transacted in the second quarter and retail's market share was up to 25.3% compared to 20.8% the year before. The volume of retail investment in the second quarter is an 18 month high. The advisory firm predicts a strong second half to the year also with a predicted 8% rise in volumes with increasing activity in central and eastern Europe. Michael Rodda, head of EMEA retail investment at Cushman & Wakefield said: "While the retail market is seeing more demand, finding the right quality and location of property is a major challenge for investors. As a result some are starting to look further afield, while others are contemplating taking on more risk, usually via development, or pushing up pricing to encourage vendors to come forward." |
Posted at 11/2/2013 16:59 by skyship I've posted this on the CP+ thread:A stable NAV update today: 58.6p v. 58.5p. The Market liked the RNS shares slightly better @ 38p-39p. 208k Buys v. 62k sales; and 100k bought @ 39p just before the close. I liked these extracts: "Following the sale of four assets during 2012 a further five assets have been identified for sale during the first half of 2013. An offer has been accepted for the asset at Dresden for a consideration of 2.1m, compared to a Q4 2012 valuation of 1.97m. Offers have also been received on three other assets and negotiations are ongoing." Then on the Euro-property market in general: "The fourth quarter transaction volume was EUR38bn, a 53% rise on the previous quarter (partially due to the year seasonal effect - mainly institutions, funds and government purchasing/selling to complete their transaction in the final quarter of the year - and partially due to an uplift reflecting improved purchaser confidence) bringing the total for the year to EUR112bn, a figure virtually identical to that of 2011. The largest riser over the quarter was that of Germany; with 86% to EUR8.5bn, a reflection of the growth in demand from foreign investors over the last year." Investec Insight: ¢ In December 2012 APT announced wind down plans and the continued portfolio sales process is positive, particularly as values achieved have been giving greater credibility to NAV. ¢ The shares currently trade at a 35% discount to December's NAV. VIEW Roll-on the wind-up circular; due before the end of February... |
Posted at 12/9/2012 09:57 by madmix If you're a private investor (like me) and you want to be able to place trades on the order book, I personally use iDealing. |
Posted at 11/9/2012 21:05 by yieldsearch Tempted to buy but a few concerns, views appreciated1) looking at the factsheet, top 10 assets, i was surprised to see the second asset (italian leisure) valued at yield of 7.6%?? Given the situation in Italy ( and the fact that the existing lender are not willing to renew), this valuation is bound to reduce? Also some industrial assets valued at 6%?? is the valuer sleepy?? 2) From the IMS: "The Company's net property yield on current market valuation (after acquisition and operating costs) as at 31 March 2012 was 7.17% (7.33% as at 31 December 2011)." also surprised to see yield reducing in this environment? 3) Asset in Eur and listed in GBP: anyone has view on the impact of gbpeur on nav? my understanding is that they only hedge the income side, so any payback to shareholders would be at spot fx on the day?? 4) has there been any notification of formal liquidation of the company? Or I guess eventually through continuation vote, which brings me to the activist investors, it doesnt seems that there is currently the usuals make_the_existing_ma As i said, tempted, no holding yet but great discount. views /comments on the above appreciated |
Posted at 23/8/2012 21:35 by skyship In the very short term we've seen some selling from income acquisitive PIs and maybe one fund AT selling yesterday afternoon; but the key to that RNS yesterday is twofold: 1. The very last paragraph which IMO is the precursor to a Strategy Change - meaning an expeditious winding-up 2. Read carefully what was actually stated as the reasoning behind this latest dividend suspension and you find: # The Italian jv refinancing was already known # The £230,000 shortfall on the LTV is immaterial # The only bad news is a short-term cashflow concern over a secure sale where there were other bidders - this was a sale of a small retail park just outside Berlin; a retail park anchored by a supermarket operated by Germany's largest supermarket chain. What will now happen is that the Board will perhaps go through the seemly procedure of discussing the company's future; but perhaps more likely that other shareholders will intervene and say GET ON WITH IT. The investment managers, AXIM, will be given their 12months notice and new investment managers appointed and incentivised to expedite liquidation over circa the next 3years. What traders/investors/op # Let's assume a healthy discount down from that current 62.3p NAV # Let's settle for a near 20% discount down to 50p # Let's go with a 3yr liquidation to 30th Jun'15 # Let's eschew any revenue over that period - surely too conservative Then, plug the numbers into the spreadsheet, et voila - a GRY of 20.0% There is little if any downside as this is now not a struggling entity; just plenty of juicy upside for those prepared to take a little time and look under the bonnet. |
Posted at 21/12/2011 15:55 by skyship Problem here is obviously the collapsing Euro - see last IMS extract below==================== "The sterling valuation of the property portfolio decreased to GBP139.0 million (including the effects of foreign exchange movements and capital expenditure) (30/06/2011: GBP145.98 million). The GBP/EUR foreign exchange rate applied to the Company's Euro investments in its subsidiary companies at 30 September 2011 was 1.167 (30 June 2011: 1.1073). ==================== The Set'11 NAV of 67.9p will have reduced to 64.9p just on the further forex loss, yet alone any additional minor weakness in valuations. Better value elsewhere for the timebeing. The two Best Buys may be: # PCTN for a yield of 10.8% and an NAV discount of 40% @ 36.5p. LTV = c46% # IFD for a yield of 10.7% and an NAV discount of 30% @ 33.0p. LTV = c42% I prefer the latter as they have no refinancing need until July 2014, whereas PCTN have to refinance no later than Jan'13. Also IFD have many active management initiatives through which planning gains and asset sales will increase the NAV throughout 2012. Well worth reading through the volumes of property initiatives detailed with the Interim Report just last month; and also with the August Finals - a good place to start being the Analyst Presentation under the Investor Relations section on the company website: |
Posted at 25/5/2011 10:43 by davebowler RNS Number : 8670GAxa Property Trust Ld 19 May 2011 To: Company Announcements Date: 19 May 2011 Company: AXA Property Trust Limited Subject: Interim Management Statement CORPORATE SUMMARY - The interim dividend of 0.75 pence per share in respect of the quarter ending 31 March 2011 was declared on 5 May 2011 and is due for payment on 27 May 2011; - The Company's unaudited Consolidated Net Asset Value at 31 March 2011 was GBP74.06 million (74.06 pence per share) (GBP73.52 million (73.52 pence per share) as at 31 December 2010), an increase of GBP0.54 million; - As the Porto Kali portfolio of Dutch office buildings continues to experience adverse market conditions, the estimated recoverable value of the Company's remaining investment (in the form of a loan to the Porto Kali vehicle) has been written down to GBPnil as at 31 March 2011; - Further to the RNS on 1 April announcing the withdrawal of LBB and the agreement to a 3 month extension to the existing loan facility, the Company has entered into a new Term Sheet with Credit Agricole CIB and a new co-lender, Credit Foncier, to refinance the current facility on a pari passu basis; - Construction works for the new Edeka unit at Fuerth are being completed and are on schedule for the handover which is expected to take place on 27 May 2011. A number of retailers are being targeted as potential tenants for the unit to be vacated by Edeka. Terms have been agreed with C&A to take an enlarged unit on a new 10 year lease; - Following the signing of a 15 year lease at Koethen, the tenant, a franchisee of national DIY retailer Hagebau, is proceeding with fit out works and the unit is expected to open to the public by the end of May. STRATEGY AND MARKET Country Allocation at 31 March 2011 Country % of portfolio Germany 59% Netherlands 20% Italy 17% Belgium 4% Sector Allocation 31 March 2011 Sector % of portfolio Retail 58% Industrial 20% Office 13% Leisure 9% Following the successful letting at Koethen, the Investment Manager's focus remains on increasing rental income, particularly at Fuerth. The portfolio's income is well secured against strong tenant covenants and a tenant base that is weighted towards the defensive food retail sector. The development of the new Edeka unit in Fuerth is in its final stages and delivery is now scheduled for 27 May 2011, following minor re-configuration requests by Edeka. Negotiations with Fressnapf, a national pet food retailer, to occupy the majority of the unit currently occupied by Edeka, have ended. A number of retailers are being targeted to potentially take part or all of the unit. ROFU, an existing tenant, has moved to the unit previously occupied by Pfennig-Pfeiffer (1,175m(2)) after signing a new 10 year lease. An agreement has been reached with C&A to take over the former ROFU unit together with an additional 205m(2). A new 10 year lease has been agreed. Three other existing smaller tenants have agreed to 5 year lease extensions. At Koethen, following the signing of a 15 year lease with a franchisee of the national DIY retailer Hagebau, the tenant has started their fit out works. These works are expected to be completed by the end of May in time for the opening of the store to the public. In February 2011, Deutsch Bahn Schenker (a leading European logistics operator), the main tenant at Dasing, exercised their option to prolong their lease on halls one to four (7,294m(2)) until June 2012, at the same rental level. In return the Manager has agreed to grant two months rent free. Further negotiations have commenced with the tenant to extend their lease until 2014.The tenant has verbally agreed in exchange for a light refurbishment of their social area. The costs of these works are currently being analysed. This two year extension will be a significant result for the Company taking into consideration the high vacancy in the area. OUTLOOK With limited rental value growth at the prime end of the market, it will generally take two or more years before it starts to trickle down to the more standard properties, and this is compounded by investors remaining risk averse towards assets that carry increased risk of tenant default. The investor demand will remain firmly focussed on income, therefore. And growth will be a secondary consideration in almost all markets. The ECB has already started to raise official interest rates and we expect that process to continue during 2011 and 2012. This is despite the fragile nature of the economic recoveries in Europe (burdened as they are by austerity programmes), and it will have a particularly adverse effect on the real estate market in terms of the cost of debt capital and upward pressure on investment yields. Within that cautious outlook, Germanys' economy is moving forward positively, and it should - within the next six months - be back to its pre-recession output peak. With the effect of increased vacancy levels, it will take some time before this translates into net new demand for property, but investors are starting to target the property markets in anticipation. The Fund's strong income profile, exposure to Germany and conservative LTV should continue to produce positive results. Capital values are expected to remain stable, with increases occurring as a result of the successful implementation of identified asset management initiatives |
Posted at 19/5/2010 13:27 by davebowler See the last part of the article from Investment Week;Heavy discounts prompt Coombs to boost IT holdings for Rathbone 17 May 2010 | 08:00 David Whittam Categories: Investment Trusts Tags: Global growth | Rathbone David Coombs has boosted the investment trust holdings within his Rathbone Strategic Growth Portfolio as discounts to net asset value have narrowed. The £26.5m fund of funds, which Rathbones recently opened to external investors, now has 17.3% in investment trusts, up 4% since the start of the year. The manager has shifted emphasis from listed hedge funds to listed equity and property funds. Coombs says: "We have used investment trusts this year because they have been at big discounts to NAV, but last year we did not hold much. "Investment trusts are particularly appropriate for asset classes that suffer from periods of illiquidity, which is usually when they are under stress. This can be particularly unhelpful for open ended funds, which find themselves forced sellers. "A trust's manager is not a forced seller, because they have permanent capital." Coombs sets no predefined limits for fund categories, and says he could buy more investment trusts if discounts widen outside normal trading ranges. His recent purchases include Schroder UK, Edinburgh Investment Trust, and Melchior Japan. "I have also added to other trusts on big discounts in property and private equity," he says. Coombs bought the £49m Axa Property Trust at a 35% discount to NAV, which has not yet narrowed. The manager says this is unjustified. "Any refinancing package will bring certainty and up the rating, as it is the strongest player in the sector." |
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