Axa Property Share Discussion Threads

[skyship] 29/11/2013 10:01

Hi all. Also seriously disappointed with such a derisory Statement.

All their statements have a specific piece to APT followed by a general pan-European market comment, parts often totally unrelated to the markets in which APT operate!

Seems to me that on this occasion the APT-specific element may have been deleted somehow...not kidding.

Am emailing my previous contact at the Company.

As for trades. Personally I sold 50% at the open and have already bought them back as they now look good value again...assuming 52p by 31/12/15, then from 40.625p the GRY = 12.55%. Happy with that.

[tiltonboy] 29/11/2013 09:12

Given what has been said before, that announcement is more than a bit naughty!

Not a holder at the moment, so no real axe to grind, but disappointed for you guys that are still in.

[badtime] 29/11/2013 09:11

I'd be interested in skys comments...i don't hold

[stupidboypike] 29/11/2013 08:30

Some explanation of a 10% NAV drop in the last 6 months would have been welcome! Have just bailed (along with quite a few others by the look of it!).

Best regards SBP

[badtime] 20/11/2013 11:46

Nothing much seems to be happening on anything I hold at the noSky any comment on the TEIF IMS?

[skyship] 20/11/2013 10:50

Hardly added to the sum of all human knowledge! They might just as well have said "Nothing further to report" and left it at that.

Still, no matter, everything on track - just rather boringly so at the moment.

[asmodeus] 19/11/2013 18:42

Interim Management statement out (after closing this evening).

[zastas] 31/10/2013 12:38

Gone again already! Off to sleep again...

[badtime] 30/10/2013 13:19

Bit of upward movement

[zastas] 19/10/2013 14:58

The AR are out. Nothing unexpected, but good to read the numbers again.

I remain modestly invested, and with a NAV of about 60, APT should remain a good home for a few years, when imho most other things are now fully or over valued.

But as I wrote here I think a few years ago, I am again flabbergasted by how little reward there really is for the owners, that's us, of a property investment trust or company. If anything, my old criticisms were still too mild. It seems that our only reward comes in times of property value inflation.

Look at the numbers. Income is just shy of 11 million. But then costs of 1.8 plus 3.5 admin/expenses plus 4.5 financing costs leaves just 1.2 million left for us. That's just about 10% only of all income. That 1.2 million is just 2% of the invested shareholder capital/equity.

A very poor reward indeed; any reasonable dividends can only paid out at the expense of the capital. Once again I would say that direct investing in property is much better and the only long-term sensible option, given the exorbitant costs by trusts. Or be a fixed income lender to it, as I am ao with RECI.

And then here with APT we now have a trust only about 45% LTV borrowings and having rental yields very good at 6-9%. But form your own opinion.

[jaws6] 18/10/2013 13:55

RNs out .
no tender or return yet for few months

[mozy123] 02/10/2013 11:11

Bye bye agnadello loan! :)

[skyship] 02/10/2013 10:42

02 October 2013

Subject: Progress with Deleveraging
The Board is pleased to announce further progress with the implementation of the overall strategy to reduce the Company's level of gearing. This follows the recent successful sale of the Keyser Centre in Antwerp, Belgium.

In December 2012 the Company negotiated to extend the EUR9m Agnadello loan facility by one year to 13 December 2013. A pay down schedule was agreed which included a requirement to reduce the Company's share of the loan outstanding to EUR2.0m by 16 September 2013, with a final payment due at the expiry of the loan. On 24 September 2013 the Company paid down the entirety of the outstanding debt in respect to the facility, as did the joint venture partner.

In respect to the main facility the amount outstanding now stands at EUR50.43m of the original EUR75.76m facility, compared to EUR57.27m at 30 June 2013. No mandatory repayments are anticipated prior to the facility's maturity on 1 July 2016 except as the result of the disposals programme. The Group continues to comply with all the facility covenants.
======================================

[jaws6] 02/10/2013 10:16

RNS on progress

[skyship] 01/10/2013 16:12

ERET enjoyed a good rise today after confirming the sale of a Retail asset in Germany. It was a substantial institutional asset; but the really interesting part was that it was conducted at a 2% premium to their Jun'13 valuation.

A read across to here suggests that our liquidation will perhaps also benefit from the rising German Real Estate market.

[skyship] 29/9/2013 08:07

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.com/articles/6109/european-property-bounce-begins-core-yields-already-responding-c-amp-w/

[badtime] 21/9/2013 21:14

welcome back sky...oh how the other half live :)

[skyship] 21/9/2013 19:06

Just returned from a week's end of season holiday in Provence - an annual pilgrimage once the tourist hoards have exited and taken their Chelsea tractors back to their urban existence. We always stay in the Luberon, usually Menerbes. This year in the small village of Viens - just outside the market town of................APT!! Highly appropriate...

1min 20secs into the film below you will see the tower where we stayed - only £280 for a full week



Good to see APT up to 44.5p..ish. That pays for the holiday!

[badtime] 13/9/2013 16:33

50k that is

[badtime] 13/9/2013 16:32

50 at 44.25p

[skyship] 12/9/2013 17:04

Well, as soon as they popped 40p I thought 45p here we come!

If one assumes 55p by 31/12/2015, then the GRYs are as follows:

# 43p - 11.30%pa
# 44p - 10.19%pa
# 45p - 9.12%pa

The debating figure is that 55p. There is a strong case to make for upside based upon all other than Agnadello. How much is that going to cost us?

So, very happy to hold and assess further when we hear more on Agnadello...

[badtime] 12/9/2013 15:53

Short term target sky?

[jaws6] 12/9/2013 15:41

Happy to see them above 42

[badtime] 12/9/2013 15:19

100k buy...more dusting sky?

[badtime] 11/9/2013 18:52

Dusting??? Very charitable of u to let the servants have the afternoon off :)