Loan-to-Value Test on Main Loan Facility

RNS Number : 9593G

AXA Property Trust Ld

05 July 2012

 



To:                   Company Announcements

Date:                05 July 2012

Company:         AXA Property Trust Limited

Subject:            Loan-to-Value Test on Main Loan Facility

Loan-to-Value Test

On 2 July 2012, the loan-to-value ("LTV") on the main loan facility was tested following the bank's valuation of the property portfolio at €129.23m.

The outstanding balance of the main loan as at 30 June 2012 was €67.23m, following the partial loan repayments in relation to the sale of two assets in February 2012, resulting in an LTV ratio of 52.0%.

In order to reduce the loan to €64.62m and comply with the 50% LTV covenant in the 25 business days permitted under the Facility, the Company will now repay a further €2.61m. 

The sale of the asset at Treuchtlingen, which has already been notarised, will generate €5.64m in net proceeds and €1.76m of excess cash after release payments to the loan of €3.88m, which, together with a further €850k from the Company's surplus cash from operations will satisfy the LTV test.  After these payments and based on the bank's valuation the LTV will be 49.2%.

Cash Resources 

The Board and Investment Manager confirm that the Company has sufficient cash resources to meet its financial obligations following the above loan repayment and to maintain the current 3p per annum dividend.

All Enquiries:

Sponsor and Broker

Oriel Securities Limited

Joe Winkley

Tel: [phone]

Neil Winward

Tel: [phone]

Investment Manager

AXA Investment Managers UK Limited

Broker Services

7 Newgate Street

London EC1A 7NX

Tel: [phone]

Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Tel: [phone]

Fax: [phone]

 

END

 

 

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