Axa Property Share Discussion Threads

[redhill9] 26/2/2015 17:54

Quote from the IMS on 14 November 2014:

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.

If they follow through on those intentions, and are successful in achieving sales, maybe we'll be hearing of another share redemption in the not too distant future.

A NAV of around 52p after the fall in the euro still looks appealing as it's a discount of over 18% and APT have shown themselves able to deliver on sales and cash distributions so far.

[skyship] 26/2/2015 07:57

Scburbs - very good point - I calculated on the Gross! - thnx as ever...
Incidentally, re my comment to BT below, just how quickly do you think they may be able to wrap things up here?

BT - yes, tempted - but perhaps not a lot in it considering the possible timescale and the possibility of further Euro weakness.

[badtime] 25/2/2015 20:30

You still tempted to buy then Sky

[langland] 25/2/2015 18:19

And we should have had some rental income.

[scburbs] 25/2/2015 17:55

Hi Skyship,

Assuming all the net assets are in Euro I make it 52.2p. I suspect in practice they may hold some cash in sterling so maybe marginally higher.

Are you including the FX gain on the Euro liabilities or just the FX loss on the gross property valuation?

[skyship] 25/2/2015 15:47

By my calculations the weak Euro (now at 136.5!) has reduced the NAV here from 55.6p to 50.5p. Anyone have a different number?

[skyship] 16/1/2015 14:45

I know what you mean - but the strong GBP/EUR is surely taking some gloss off the NAV. Though each time I think that I forget whether there is hedging in place!

[badtime] 16/1/2015 12:59

I'm tempted to take a few

[redhill9] 01/12/2014 09:38

APT moving along very well.

The Company's unaudited Consolidated Net Asset Value at 30 September 2014 was
£51.47 million (55.62 pence per share), an increase of £1.04 million (1.12 pence
per share) since 30 June 2014 when the NAV was £50.43 million (54.50 pence per
share).

The Company and its subsidiaries made a profit after tax of £2.09 million (2.26
pence per share) in the three month period to 30 September 2014.

The discount at current Bid price of 41.3p for those who hold is 25.7%, new purchases at Offer of 42.5p get discount to NAV of 23.6%.

[redhill9] 21/11/2014 14:38

Hmm, I don't think I'd be quite that effusive.

An "attractive 1 year risk/reward" is how I'd describe it.

[chevalierdaven] 21/11/2014 10:55

Redhill9, you will not be disappointed. Margin of safety is rock-solid.
APT is a marriage made in heaven. The safest assets in Europe:German properties, with a double digit return, and gradual derisking of the capital at risk as the buybacks accelerate. Safe and yieldy; a perfect and rare combination.

[redhill9] 19/11/2014 09:39

Agreed, rearsky it does look as though the management are getting on with it with further German sales looking reasonably imminent and anticipated activity early 2015. From the IMS:

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.

I've been buying on dips and APT has become one of my largest holdings. The management seem reliable, the assets reasonable, the timescale to liquidation by end 2015 achievable (with further cash distributions likely en route), and the discount of around 20% attractive.

redhill

[rearsky] 18/11/2014 21:36

Very bullish interim report. 2015 is the harvest year!

[skyship] 07/11/2014 17:23

Sippdeal credited my SIPP a/c yesterday.

[nk104] 07/11/2014 17:11

Cash came through to broker today.

[nk104] 24/10/2014 13:37

Yes, ultimately if distributions are happening at NAV then the level of the share price is less important.

[redhill9] 24/10/2014 13:17

Thanks NK104, I missed that redemption announcement. Have to say I like the way APT are redeeming shares and distributing cash as and when available.

[nk104] 24/10/2014 11:01

Also missed a share redemption...



Approx 2.2p per share at redemption price 54.5p on 30 October. 3.97% of share capital to be redeemed.

[nk104] 24/10/2014 10:59

Missed the annual report....



Key Points:

For the year ended 30 June 2014

· Total return on Net Asset Value ("NAV") was (7.92%) after the Sterling currency NAV decreased to £54.53 million on a pro-forma basis before deduction of share redemptions paid

· (Euro currency NAV decreased by 1.47% to €68.10 million)
· Losses were 2.44 pence per share
· No dividends were paid relating to the year
· Redemption of shares paid during the year were £4.1 million
· Ongoing Charge Figure of 4.30% (2013: 4.41%)


As at 30 June 2014

· NAV was 54.5 pence per share (30 June 2013: 59.22 pence)
· Share price1 was 41.50 pence per share (30 June 2013: 38.25 pence)
· Gearing2 was 39.2% (gross) and 34.6% (net) (30 June 2013: 47.4% and 43.9%)

[hosede] 09/9/2014 12:56

Scburbs
Thanks - I remain a holder

[scburbs] 04/9/2014 07:52

Morning Skyship,

Yes the progress with the Italian logistics asset is very positive as even if they can't sell it for a while, the income is very attractive. Unfortunately there is still a June 2015 break to worry about, but hopefully the penalties will discourage that given they have already rebased the rent to market.

"At Agnadello, the Italian logistics Property held 50:50 in a joint venture, a new 8+6 year lease to the existing tenant has been signed. This is at a revised rental level in line with market conditions and gives the tenant an option to break at June 2015 and June 2018 but only on payment of penalties."

[skyship] 04/9/2014 07:47

scburbs - good morning. Agreed re above. The APT portfolio has always been a collection of reasonably marketable assets, with the only imponderable being the Italian logistics operation - now resolved.

Good to see the firmer tone finally setting in at DSC - hopefully the way now clearing for a positive Interim statement in 6-7 weeks.

[scburbs] 04/9/2014 07:41

Hosede,

That is not the impression that APT have given, although recent sales progress has been on the slow side.

"Nevertheless, having disposed of some of the more challenging properties, those that remain largely have quality income streams, and there is evidence of investment interest. While the two holdings in Northern Italy, a distribution warehouse and a cinema complex, are quality assets, sales prospects are unavoidably affected by the macro environment of that country."