Axa Property Share Discussion Threads

[skyship] 05/12/2012 17:29

Haven't dare to post from fear of upsetting the apple-cart!

This recovery could soon be challenging that falling 200day MA @ 31p.

[tiltonboy] 05/12/2012 16:27

Looking quite healthy now. Another couple of coppers would be nice!

[badtime] 30/11/2012 10:07

lol...i was hoping for a bit lower....too greedy on my part

[tiltonboy] 30/11/2012 09:56

My purchase doesn't look too bad now!

[praipus] 24/11/2012 20:42

Thanks Skyship. Suppose one of them must be in distress I was hoping you might reveal one of our cheeky arbitrage/liquidation friends.

[skyship] 24/11/2012 08:55

Other than the 29% held by AXA themselves (State Street noms.):

# Nutraco Noms - 7.2% - BNY Mellon
# Transact Noms - 6.7% - Pooled noms/anybody/northern brokers
# Nortrust Noms - 5.0% - Northern Trust, Guernsey
# HSBC Global custody Noms - 4.9% - as it says...
# Rathbone Noms - 4.0% - Rathbones
# BDS Noms - 3.2% - Brewin Dolphin

So....pretty useless really.....

[praipus] 23/11/2012 21:15

Does anyone know who the large nominee holdings belong to?

[tiltonboy] 23/11/2012 17:38

UT is the opening or closing auction.

[skyship] 23/11/2012 17:00

Total & utter nonsense. As I've already said, just like SREI @ 32p back in the Summer. All AT trades, so likely to be single institution exiting - just wish I knew which one as they'll be looking rather stupid in a few months time - hopefully sooner.

Tilts - what does the UT trade actually mean?

[tiltonboy] 23/11/2012 16:38

and 50k uncross at 24.5p in the auction!

[tiltonboy] 23/11/2012 16:26

Got filled, and 25.5p now getting hit, with more being loaded on the offer.

Somebody is looking for the exit.

[tiltonboy] 23/11/2012 15:52

Now picking a few up at 25.75p.

[badtime] 20/11/2012 17:41

Sky any chance of u popping over re the agm :)

[skyship] 17/11/2012 00:37

Likewise, nothing to frighten the horses there. The good news items are:

- The refurbishment works at Fuerth are now completed and the tenant Seats & Sofas has taken over the unit

- Five assets have been introduced to the market for sale - 4 in Germany & 1 in Belgium

Slight NAV fall is nothing serious as we are still at more than a 50% NAV discount - so discounting a far worse scenario. The bad news as it is, is already in the price.

Hopefully we'll see a good response to the property sales; frankly any response at or close to valuation would be a great boost to sentiment...

[djderry] 16/11/2012 23:03

Solid enough trading statement,quite sanguine about foregoing dividends for the time being.This is what (sometimes!) investing is all about.

[badtime] 14/11/2012 14:24

Nice to see the share price up

[madmix] 14/11/2012 13:41

We must be due for an IMS for the period to 30th September.

Given the buying interest today, I suspect someone has already got wind of some positive news. Just a guess on my part though.

[scburbs] 14/11/2012 08:55

Thanks Skyship,

It doesn't look as bad as that. I think the ex-Edeka and C&A units are both vacant. However, this is not the worrying sign it might be as I think both businesses have just moved to new premises on the development rather than leaving. Edeka moved into the new build bit and vacated their old store. Have you seen something suggesting Edeka tried to or have broken the new lease (Edeka are key to the value here)?

Where does your 27% come from is that the old unit or the new one? It would be useful to know what percentage is represented by the old Edeka and C&A units.

"At the Phönix Center, Fürth, the Investment Manager has continued to improve the profile and rental levels. The development of the new Edeka unit is now complete and the tenant commenced trading on 27 June 2011. Meanwhile current tenant C&A has signed a new lease, on a larger unit which was previously occupied by ROFU, for a contracted rent of €158,000 for a term of 10 years (subject to a six month rent free period) and will move during Q1 2012. This represents a significant increase on the €93,000 rent previously contracted on the unit."



"Despite interest from potential tenants on the units previously occupied by Edeka and C&A, no firm offers have been received. This can be attributed to continuing economic uncertainty in the eurozone and tenants' reluctance to make decisions on investments in new locations."

[madmix] 13/11/2012 15:51

We must be due for an IMS for the period to 30th September.

In the last couple of years this has come on the 3rd and 9th November.

[skyship] 13/11/2012 15:40

ZUT ALORS!! Some genuine buying 25k @ 27.7p & 75k @ 28p......

[skyship] 08/11/2012 12:48

Fürth is a city located in northern Bavaria, Germany, in the administrative division of Middle Franconia. It is now contiguous with the larger city of Nuremberg, the centres of the two cities being only 7 km apart.

The Phoenix Retail Centre is a multi-let tenancy of 16, 374 sq. m.. Edeka supermarket accounted for 27% and, having only recently expanded and modernised, it was surprising perhaps when they exited earlier this year. I think that is now the sole vacancy, but need to research further.

On another matter, I've been looking at the recent trades history in APT. Always difficult to be certain about such things, but it looks to me as though for the 15 trading days of 18th Oct – 7th Nov, there were 1,080,000 sales and 800,000 purchases. The share price has churned and drifted in a narrow band of 27p – 28.5p over that time.

Can't draw much from that other than a fair amount of stock has been absorbed; so its not the one way market it at times appears to be! That said, those small sales today @ 26.75p/26.5p are pretty depressing...

[scburbs] 07/11/2012 11:39

With 31% of the portfolio in two German retail assets, APT is much more exposed to local conditions and will not necessarily track the wider German market.

Has anyone done any research on Furth or Rothenburg? I am particularly interested in the current and prospective vacancy rates in Furth and what the yield will become after the recent leasing activity has completed (valuation yield of 5.04% looks far too low, but presumably driven by the vacancy).

There have been lots of announcement about leasing activity at Furth, but I haven't seen anything on where the asset now stands based on the leasing that has been signed to date.

[skyship] 07/11/2012 10:28

A little insight into the strength of the German property market.

Also Moneyweek constantly reiterating that Germany is the recipient of all the loose Euromoney sloshing around looking for secure assets. With 2/3rds of APT assets there, the value will be seen by others at some stage...in the meantime - patience required...zzzzzzzzz:

[sleepy] 24/10/2012 11:26

SKY - I went back to the early RNSs. Can post links if you woulkd like.

[skyship] 23/10/2012 17:43

Sleepy - Where did you find the cost of those three properties? Did you perhaps go back to the accumulation phase post 2005? Would welcome the link if you found them together somewhere...