Worsley Inv Ltd Regulatory News (WINV)

17 Oct 2006 11:28

AXA Property Trust Ld17 October 2006 AXA PROPERTY TRUST LIMITED DISPOSES OF EQUITY SHARE IN ITALIAN PROPERTY AXA Property Trust Limited ("the Company") announces that it has disposed of 50%of its interest in Property Trust Agnadello S.r.l. ("PT Agnadello") to EAVFS.A.R.L ("EAVF") yesterday. PT Agnadello owns a distribution warehouse in Northern Italy with a currentrental income of approximately Euro 2.3 million per annum. PT Agnadello hasowned the property since 10 February 2006. The sale price of Euro 2.4 million in cash represents 50% of the totalunderlying property value of Euro 30.1 million after taking into account thedebt of Euro 32.2 million and net assets of Euro 6.8 million of PT Agnadello. PTAgnadello has an intra-group loan with Property Trust Luxembourg 2, S.A.R.L., asubsidiary of the Company. Within two months 50% of the debt will be replaced byfinancing from EAVF. The Manager of EAVF is Partnership Incorporations Limited ("PIL"), which hasappointed AXA REIM UK Limited ("AXA REIM") as Property Adviser. AXA REIM alsoacts as Real Estate Adviser to the Company. The Company's Board is satisfiedthat the transaction is at arms length and that the sale price represents marketvalue. The underlying property value has been confirmed by the independentvaluers to the Company. A partial disposal was envisaged when this property was acquired and meets theReal Estate Adviser's strategy of reducing exposure to an asset with a singletenant in this location. The proceeds of the sale will be reinvested by theCompany in the acquisition of further European real estate assets. 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