Axa Property Share Discussion Threads

[langland] 07/10/2016 08:14

Based on current fx (and all other things being equal) NAV should be around 72/3.

[redhill9] 26/8/2016 17:52

RNS this afternoon regarding sale of Dasing at full NAV. Proceeds to be used to reduce debt, as previously announced.

Stills looks a strong hold to me with discount still c.25% although the Italian properties may perhaps prove tricky to sell.



26 August 2016

AXA Property Trust Limited

Completion of Sale at Dasing, Germany

Following the Company’s announcement on 16th June 2016, the Board of AXA Property Trust Limited is pleased to announce completion of the sale of the Company’s property at Dasing, Germany, for the price of €7.45 million, in line with the last reported independent valuation. In accordance with the terms of the Company’s loan facility with CA-CIB, sales proceeds after disposal costs will be used to continue to pay down the Company’s outstanding debt facility, which post-sale will reduce to €11.48 million.

Further updates in respect of the sales of the Company’s remaining three assets will be provided in due course.

[davebowler] 13/7/2016 16:22

and article

[redhill9] 08/7/2016 12:33

No, not really, as many companies with debt make shareholder distributions but in this situation of liquidation the restriction is understandable.

Good to see share price up so far today.

[davebowler] 08/7/2016 10:06

Debt always takes priority to shareholders returns sadly!

[redhill9] 08/7/2016 08:57

RNS this morning regarding debt facility extended. Slight bad news in the last line that debt repayments will take priority to shareholder distributions, but in view of strong Euro to Sterling probably still worth waiting.


AXA PROPERTY TRUST LTD - Extension of the Company's Debt Facility

PR Newswire

London, July 5

5 July 2016

AXA Property Trust Limited

Extension of the Company’s Debt Facility

In view of the targeted disposal timetable for the Company’s remaining real estate assets, the Board of AXA Property Trust Limited is pleased to announce that the Company has agreed and concluded an extension of the Company’s loan facility with its co-lenders. The terms of the extension are as follows:


Remaining loan EUR 17,964,525
Maturity date 31st December 2016
Loan-to-value (LTV Test) 42.6% (60% maximum limit)
Based upon bank valuation as at 31 March 2016
Margin 240 bps
Extension fee EUR 90,000
All-in rate EURIBOR 3M + 240bps
Amortisation None
Under the terms of the extension net sales proceeds and rents from the portfolio will be used to repay the debt in priority to shareholder distributions.

[nk104] 29/6/2016 17:27

Given the devaluation of sterling, the NAV must be looking pretty good. Obviously there's the fun and games of trying to sell the Italian properties.

[nk104] 20/6/2016 15:29

Dasing seemingly sold in line with valuation.

[redhill9] 31/5/2016 13:08

That NAV at 31/3/16 used euro rate of 1.261 but £ has strengthened about 4% since then, reducing NAV by around 2.65p (all other things being equal). They've also reduced the property valuations slightly in euro terms.

Tend to agree that it's worth just letting the shares run - APT still suggesting wind down by 31/12/16 which, at current NAV, would give a decent 7 month return plus there may be a chance of another interim cash distribution along the way if Dasing completes mid-year as forecast. I'd estimated previously that Dasing was worth maybe 14p per share.

[nk104] 31/5/2016 11:58

There is a new update out. Unaudited NAV is 66.95p at end of March. Not sure I set that much store by this as the update says no bids were received for the Italian assets.

Difficult to know what to do. Buying more is superficially attractive because of the discount. But this is now a half Italian half German concern, and there are certainly issues with the former. I will probably end up doing nothing and just let my comparatively small holding take its course.

[eeza] 13/4/2016 16:31

Buys picking up steam - going thro @ 57.5p.

News soon, imo.

[eeza] 06/4/2016 12:09

Buys keep rattling in - some above the offer.

Credit Suisse increasing again?

[eeza] 01/4/2016 18:33

NAV = 62.06 pence at 31 December 2015 - £47.14 million

Remaining holdings, currently =
shopping centre at Rothenburg, Bavaria - 38.4% portfolio
multiplex cinema complex at Bergamo Lombardy - 27.8% portfolio
50% JV - distribution warehouse at Agnadello, Milan. - 20.9% portfolio
Industrial unit at Dasing, Germany - 12.9% (Completion - April) Sold

Total bank debt = GBP14.76 million (EUR31.07 million) at 31 December 2015
due to mature on 1 July 2016.

The Company and its subsidiaries (including JV at 50%) held total cash of £21.7 million at quarter end, of which £11.0 million were returned to shareholders in January,
=£10.7m net

But interesting to note ; management have stated that they are quite confident of a good result from Rothenburg, leaving the 2 Italian assets, & I would have thought that the Multiplex should be saleable leaving the stumbling block as the JV 50% distribution warehouse Agnadello holding (obviously may be wrong & it's the multiplex that is the problem instead).

From Note 8 to the accounts:-
Agnadello has a value (to APT) of £8.961m - but £7.286, of it, derives from loan balances due to be repaid to APT (so virtually cash) leaving a valuation of £1.675m for the asset (to APT).
So even if sold for 50% discount will only be a loss of £837,000 ? - a slightly bitter, but not overly nasty taste.

And

The Directors estimate that the wind-down costs will be approximately £252,950 (30 June 2015: £194,272). - so increasing !!

Investment manager due 1.01% of NAV per annum - so £471,000.
So, personally, think an early resolution is preferable.

[eeza] 01/4/2016 17:17

However,also from the Interims:-

"At 31 December 2015 the total bank debt stood at GBP14.76 million (EUR31.07 million) (before capitalised debt issue costs) with an LTV of 50.7%. The loan is due to mature on 1 July 2016."

So would expect Dasing to help pay off the loan.

[langland] 01/4/2016 12:27

This is the most recent report.



Dasing Bavaria property is due to complete in April so, hopefully, we should get another return of cash soon. Latter accounted for 13% of valuation.

In addition, EUR is 8.5% higher against GBP than at 31/12. Therefore, a straight read across from the Dec NAV should give us 67p+ currently.

[eeza] 01/4/2016 10:39

The final report to June 30 2015 stated it was expected all would be sold by end of Dec 2015, but that some slippage would occur into early Q1 2016.

However, doesn't preclude all being sold early.

NAV should be around 64.5p now due to fx.

[sleepy] 01/4/2016 10:19

Eeza - thank you. What date did they have before?

[eeza] 31/3/2016 22:36

Fund factsheet released on 21 March - now states that sales expected to complete before end Dec 2016.

Link to pdf

[eeza] 29/3/2016 17:33

Credit Suisse bought 2,958,569.
Holding 5.14% from Zero%.

Link to pdf

[eeza] 29/2/2016 12:59

This from the report

Of the £21.6 million cash held by the Group, including the cash in the Agnadello JV at 31 December 2015, £3.2 million was held in bank accounts pledged to the financing banks.

[skyship] 29/2/2016 11:22

Ahh...thnx again.

[langland] 29/2/2016 11:08

True! But it is not the full report.......hence my link.

[skyship] 29/2/2016 10:42

Thnx Langland...but the link is of course in the Header above!

[eeza] 29/2/2016 10:41

Of the remaining assets Rothenburg looks to be 40% and the 2 Italian = 60% of the total.

Still looks to be a reasonable gain likely from the current share price

[langland] 29/2/2016 10:32

This is the link to the report........



Aside from the above comments it would appear that FX is in our favour to the extent of 6%+ since year end but, of course, I don't think this will apply to the whole NAV because of cash held and the loan outstanding. However, I think it should account for another 3p per share which gives a bit more comfort.