Axa Property Share Discussion Threads

[davebowler] 15/12/2009 12:35

XA Property Trust has signed a lease with the German supermarket retailer Edeka at its Phoenix Centre retail park at Fuerth in Bavaria, Germany.

The 15.5 year fixed term lease of the new anchor store is conditional upon achieving a building permit to develop the 3,737 sq m unit.

The building permit is anticipated to be received in the first quarter of 2010.

Delivery of the new unit is expected by October 2010.

Edeka currently occupies a 2,500sq m unit, which will be refurbished and let to other existing tenants keen to expand within the retail park, as well as being marketed to new occupiers which will improve the tenant mix and the retail destination for the catchment population.

[johnandrew47] 23/10/2009 08:23

Just looking at this today. Has IC made a mistake this morning, they say the dividend yield is 6.1%. Can anyone confirm please? I can`t find this figure anywhere else.
OK stop looking everyone.

[cockneyrebel] 20/10/2009 11:46

Spoke to the company - results likely to be out this week - will be out before the end of the month in any event.

CR

[cockneyrebel] 16/10/2009 08:10

Results any day I would think - Oct 8 last year.

CR

[cockneyrebel] 15/10/2009 11:22

Rather strong today - I'm holding for the test on that 78p resistance.

CR

[cockneyrebel] 12/10/2009 10:35

40K buy - looking well firm today.

CR

[chester] 12/10/2009 10:05

Yep, continuing nicely.

[cockneyrebel] 05/10/2009 13:18

Chart breaking out here.

Cr

[cockneyrebel] 20/9/2009 12:06

Cazenove say this about the sector:

"More attractive in the sector we believe are Kenmore European (Outperform), which has been more successful in addressing its difficulties and positioning itself for survival, and AXA Property (Outperform), which is more much lightly geared than peers and not in significant distress, but has nevertheless been priced as such."

CR

[davebowler] 27/8/2009 17:18

Judging from the action in IERE this should be due another rerating higher.

[davebowler] 13/8/2009 18:17

badtime -yes a while ago but from memory was higher than APT so I did nothing.

[badtime] 10/8/2009 22:59

dave hav u looked at DLD at all?

[davebowler] 10/8/2009 13:25

Interesting reading re. the German Commercial Property market (page 2)

[alanji] 06/8/2009 15:08

Half year results out with a nav of 83.46 - discount of almost 50% - more if you add back swap adjustment.
Still offering a 7% yield after the not unexpected dividend cut to 0.75p per quarter:
"This increased cost of debt together with the medium term outlook for the property portfolio performance is likely to have an impact on the Company's future revenue profits. The Board's decision to cut the quarterly dividend to 0.75 pence per share from this quarter anticipates this in the current financial year to 30 June 2010 based on the terms currently under negotiation with Calyon."

Loan has to be renogotiated because of the low ltv covenant of 50% but after cash in the bank is deducted the ltv would be 37% No problem on income covenant.
Has to be a buy.

[flying pig] 03/8/2009 10:45

Price suggests problems going away.

[towpath2] 30/4/2009 21:17

quiet int,it.this share is making very good progress.good luck everyone

[qwazi] 11/2/2009 15:37

I'm out now, went ex- today and still up on the day, couldn't ask for more really. Still upside, but plenty of other plays out there.

In a way, I would have preferred to see APT breach their covenants at the Dec valuation, then at least the debt renegotiation would be underway. As things stand, they probably won't breach until June so the debt issue will be hanging over them for most of the rest of the year (I do still expect it to be resolved though).

Good luck to all continuing holders.

[campomar2] 15/1/2009 12:51

ECB cuts rates to 2%..should help

[qwazi] 15/1/2009 08:41

I have assumed it can be remedied, but worst case it knocks 10p off NAV if they lose the whole investment.

[nickcduk] 14/1/2009 23:26

82% exposure at end June is looking as though it is overhedged in current markets. 18% falls since then may not have occurred thus far but a strong likelihood it will happen at some point this year. Their Dutch office investment will have broken its covenant. Will be interesting to see how they remedy this.

[qwazi] 14/1/2009 20:51

I don't think they have over-hedged on the currency side. I can't find it right now, but I remember seeing that they had hedged 82% of their exposure as at 30 June 2008. So even with an 18% fall in the property values they won't be more than 100% hedged.
The mark-to-market is potentially an issue, and thanks for pointing out what happened at Hansteen. My view is that if they didn't need to close out when the EUR got close to parity at end Dec, then they won't need to close out now with sterling 10% higher.
I think it would be sensible for them to unwind part of the hedge to guard against further property falls.

[humbugg] 14/1/2009 08:34

Camp>
you stuttering again??
;-))

[campomar2] 14/1/2009 08:24

Sorry that should read I SAW a median estimate of 1.20 to 1.30 by year end.