Worsley Inv Ltd Regulatory News (WINV)

To: Company Announcements

Date: 19 November 2013

Company: AXA Property Trust Limited

Subject: Interim Management Statement

CORPORATE SUMMARY

The Board and Investment Manager continue to work towards a return of capital to Shareholders. The timing is principally dependent on progress on disposals. The Adviser is working to finalise the sales already agreed at Karben, Köthen and Montabaur (all in Germany).

The sales of the assets at Dresden and Braunschweiger Strasse in Berlin, were successfully completed on 28 June 2013 and 30 August 2013 for €2.1m and €1.63m respectively, as announced previously. The sale of the retail gallery Keyser Center in Antwerp, Belgium completed on 10 September 2013 for €9.03 million. The current portfolio allocation taking into account the completed disposals is provided below.

PORTFOLIO UPDATE

Country Allocation at 30 September 2013 (by value)

Country % of portfolio

Germany 70%

Italy 23%

Netherlands 7%

Belgium 0%

Sector Allocation at 30 September 2013 (by value)

Sector % of portfolio

Retail 63%

Industrial 23%

Leisure 14%

The Company's net property yield on current market valuation (after acquisition and operating costs) as at 30 September 2013 was 8.53% (7.73% as at 30 June 2013).

LOAN FACILITIES

The Group continues to comply with the 60% loan-to-value ("LTV") covenant of the main loan facility with Crédit Agricole and Credit Foncier. Further loan prepayments were made after the financial year end following the disposal of the assets at Dresden, Braunschweiger Strasse, Berlin and Keyser Center, Antwerp, resulting in a new loan balance of £43.22 million (€50.43 million) and an LTV of 46.6%. The loan is due to mature on 1 July 2016.

On 24 September 2013 the Company paid down the entirety of the outstanding debt in Agnadello, as did the joint venture partner.

Interest Cover Ratio (ICR) is calculated as net financing expense payable as a percentage of net rental income less movement in arrears. Net rental income headroom is based on projected interest cover.

CASH POSITION AND CAPITAL EXPENDITURE

The Company and its subsidiaries held total cash of £5.64 million (EUR6.75 million) at 30 September 2013. The anticipated capital expenditure over the next twelve months is £1.03 million (EUR1.24 million).

NET ASSET VALUE

The Net Asset Value as at 30 June 2013 was £59.22 million (59.22 pence per share).

Company website:

http://www.axapropertytrust.com

All Enquiries:

Investment Manager 

AXA Investment Managers UK Limited

Broker Services

7 Newgate Street

London EC1A 7NX

Tel: +44 (0)20 7003 2345Email: broker.services@axa-im.com

Broker

Oriel Securities Limited

Neil Winward

Tel: +44 (0)20 7710 7600

Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

GY1 3QL

Tel: +44 (0)1481 745324

Fax: +44 (0)1481 745085