Progress with Deleveraging

RNS Number : 5254P

AXA Property Trust Ld

02 October 2013

 



To:                   Company Announcements

Date:                02 October 2013

Company:         AXA Property Trust Limited

Subject:            Progress with Deleveraging

The Board is pleased to announce further progress with the implementation of the overall strategy to reduce the Company's level of gearing. This follows the recent successful sale of the Keyser Centre in Antwerp, Belgium.

In December 2012 the Company negotiated to extend the €9m Agnadello loan facility by one year to 13 December 2013. A pay down schedule was agreed which included a requirement to reduce the Company's share of the loan outstanding to €2.0m by 16 September 2013, with a final payment due at the expiry of the loan. On 24 September 2013 the Company paid down the entirety of the outstanding debt in respect to the facility, as did the joint venture partner.

In respect to the main facility the amount outstanding now stands at €50.43m of the original €75.76m facility, compared to €57.27m at 30 June 2013. No mandatory repayments are anticipated prior to the facility's maturity on 1 July 2016 except as the result of the disposals programme. The Group continues to comply with all the facility covenants.

Company website:

http://www.axapropertytrust.com

All Enquiries:

Investment Manager 

AXA Investment Managers UK Limited

Broker Services

7 Newgate Street

London EC1A 7NX

Tel: [phone]
Email: [e-mail]

Broker

Oriel Securities Limited

Neil Winward

Tel: [phone]

Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

GY1 3QL

Tel: [phone]

Fax: [phone]

 

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