Worsley Inv Ltd Regulatory News (WINV)

25 May 2006 09:01

AXA Property Trust Ld25 May 2006 AXA PROPERTY TRUST LIMITED MAKES FURTHER PROPERTY ACQUISITIONS IN EUROPE 25 May 2006 The Board is pleased to announce that the Company has now contracted to acquirea further three properties in Belgium and Germany for a total commitment of€19.3 million including acquisition costs. The acquisitions comprise a retail/leisure property in Antwerp, Belgium for €7.9 million, an out of town retailwarehouse in Kraichtal, Germany for €5.3 million and an in-town retail warehousein Berlin, Germany for €6.1 million. These recent acquisitions brings the totalcontracted and optioned portfolio of properties to €141.4 million afteracquisition costs, showing a blended gross acquisition yield of 8.10%. The totalcontracted and optioned portfolio has an average lease length, term-certain, of7.79 years. There are six further properties amounting to €79.4 million in solicitors' handswhich are due to be acquired at a similar blended gross acquisition yield beforethe end of the first financial period of operation (ending 30th June 2006). The Board is pleased to announce that the financing facility for the Company hasnow been signed and is ready for the first draw down which is anticipated tooccur shortly for those properties which are currently in solicitors' hands. Thefacility is provided by Calyon, the corporate and investment banking arm of theCredit Agricole Group, and is not subject to specific asset mortgage charges.The facility amounts to €81.5 million for a period of 5 years with terms thatare generally better than those set out in the Prospectus. In relation to and given the weight of investment money chasing continentalEuropean commercial property, the demand for commercial property in Europe hasbeen exceptionally strong throughout the period since launch. The manager hasremained committed to the fund's investment strategy and selective in itsacquisitions which has resulted in the acquisitions being weighted towards thesecond half of the acquisition period, and will result in the dividends beinglower than originally estimated in the first financial period of operation.Nevertheless the Board is pleased to confirm that the net proceeds of the issuehave now been allocated to property at gross acquisition yields better thanthose set out in the Prospectus. The anticipated portfolio is positioned todeliver dividend returns and NAV growth in subsequent years. All Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGY1 3QL Tel: 01481 745338Fax: 01481 745085 This information is provided by RNS The company news service from the London Stock Exchange