Statement re Equity hedging

RNS Number : 6149X

AXA Property Trust Ld

26 June 2008

 



To:               Company Announcements

Date:            26 June 2008

Company:    AXA Property Trust Limited

Subject:       Equity hedging

The Board of AXA Property Trust ('the Company') are pleased to announce the execution of the third and final tranche of the Company's net investment or equity hedging strategy. On 26 June 2008 the Company purchased a forward for the Sterling equivalent of €40 million with a maturity date of 2015. 

The Company has already purchased two forwards on 21 February 2008 and 22 April 2008 for the Sterling equivalent of €40 million each. This brings the total hedged to the Sterling equivalent of €120 million, representing 84% of equity.

All the forwards have a maturity date of 2015 which coincides with the earliest possible date for termination of the Company, as foreseen in the Company's Prospectus at launch.

The purpose of the hedging instrument is to reduce volatility in the Company's Net Asset Value arising from fluctuations in the Euro/Sterling exchange rate, as well as 'locking in' significant foreign exchange gains the Company has experienced in recent months as a result of the favourable foreign exchange movements. The Board will continue to keep the status of equity hedging under review.

Further information on the Company is available on the Investment Manager's website: http://www.axa-im.co.uk. Please follow the prompts to 'Literature' and then 'Factsheets' or 'Report and Accounts'.

All Enquiries:

The Company Secretary 

Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court

Les Banques

St Peter Port

GY1 3QL

Tel: [phone]

Fax: [phone]

 

END

 

 

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