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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Axa Property Trust Limited | LSE:APT | London | Ordinary Share | GG00BHXH0C87 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.75 | 31.00 | 32.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
To: Company Announcements Date: 12 November 2014 Company: AXA Property Trust Limited Subject: Interim Management Statement 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. PORTFOLIO UPDATE Country Allocation at 30 September 2014 (by value) Country % of portfolio Germany 65% Italy 27% Netherlands 8% Sector Allocation at 30 September 2014 (by value) Sector % of portfolio Retail 58% Industrial 27% Leisure 15% The Company's net property yield on current market valuation (after acquisition and operating costs) as at 30 September 2014 was 7.77% (7.53% as at 30 June 2014). LOAN FACILITIES Gross Loan to Value (LTV) Unaudited Audited Covenants 30 September 30 June 2014 Maximum 2014 Main loan facility 43.80% 45.10% 60.00% The Group continues to comply with the 60% loan-to-value ("LTV") covenant of the main loan facility with Crédit Agricole and Credit Foncier. A further loan prepayment was made after the quarter end following the disposal of the asset at Köthen, Germany resulting in a new loan balance of £29.54 million (€37.91 million) and an LTV of 43.8%. The loan is due to mature on 1 July 2016. Interest Cover Ratio Historic Minimum Projected Minimum Net rental at 30 September 2014 (Unaudited) (Unaudited) income headroom Main loan facility 2.25x 2.00x 2.89x 1.85x 0.36x covenant Interest Cover Ratio (ICR) is calculated as net financing expense payable as a percentage of net rental income less movement in arrears. Net rental income headroom is based on projected interest cover. CASH POSITION AND CAPITAL EXPENDITURE At 30 September 2014 the Company and its subsidiaries held total cash of £6.22million (EUR7.98 million) (including a 50% share of the Agnadello JV's cash). The anticipated capital expenditure over the next twelve months is £0.7 million million (EUR0.9 million). NET ASSET VALUE The Company's Net Asset Value as at 30 September 2014 will be announced in due course. Company website: http://www.axapropertytrust.com All Enquiries: Investment Manager AXA Investment Managers UK Limited Broker Services 7 Newgate Street London EC1A 7NX Tel: +44 (0)20 7003 2345 Email: broker.services@axa-im.com Broker Oriel Securities Limited Neil Winward Tel: +44 (0)20 7710 7600 Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port GY1 3QL Tel: +44 (0)1481 745436 Fax: +44 (0)1481 745085
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