Last checked at 
5 Jul 2012 07:00
To: Company Announcements
Date: 05 July 2012
Company: AXA Property Trust Limited
Subject: Loan-to-Value Test on Main Loan Facility
Loan-to-Value Test
On 2 July 2012, the loan-to-value ("LTV") on the main loan facility was tested following the bank's valuation of the property portfolio at €129.23m.
The outstanding balance of the main loan as at 30 June 2012 was €67.23m, following the partial loan repayments in relation to the sale of two assets in February 2012, resulting in an LTV ratio of 52.0%.
In order to reduce the loan to €64.62m and comply with the 50% LTV covenant in the 25 business days permitted under the Facility, the Company will now repay a further €2.61m.
The sale of the asset at Treuchtlingen, which has already been notarised, will generate €5.64m in net proceeds and €1.76m of excess cash after release payments to the loan of €3.88m, which, together with a further €850k from the Company's surplus cash from operations will satisfy the LTV test. After these payments and based on the bank's valuation the LTV will be 49.2%.
Cash Resources
The Board and Investment Manager confirm that the Company has sufficient cash resources to meet its financial obligations following the above loan repayment and to maintain the current 3p per annum dividend.
All Enquiries:
Sponsor and Broker
Oriel Securities Limited
Joe Winkley
Tel: +44 (0)20 7710 7600
Neil Winward
Tel: +44 (0)20 7710 7460
Investment Manager
AXA Investment Managers UK Limited
Broker Services
7 Newgate Street
London EC1A 7NX
Tel: 0845 766 0184
Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745324
Fax: 01481 745085