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2 Oct 2013 10:14
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To: Company Announcements
Date: 02 October 2013
Company: AXA Property Trust Limited
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Subject: Progress with Deleveraging
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The Board is pleased to announce further progress with the implementation of the overall strategy to reduce the Company's level of gearing. This follows the recent successful sale of the Keyser Centre in Antwerp, Belgium.
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In December 2012 the Company negotiated to extend the β¬9m Agnadello loan facility by one year to 13 December 2013. A pay down schedule was agreed which included a requirement to reduce the Company's share of the loan outstanding to β¬2.0m by 16 September 2013, with a final payment due at the expiry of the loan. On 24 September 2013 the Company paid down the entirety of the outstanding debt in respect to the facility, as did the joint venture partner.
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In respect to the main facility the amount outstanding now stands at β¬50.43m of the original β¬75.76m facility, compared to β¬57.27m at 30 June 2013. No mandatory repayments are anticipated prior to the facility's maturity on 1 July 2016 except as the result of the disposals programme. The Group continues to comply with all the facility covenants.
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Company website:
http://www.axapropertytrust.com
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All Enquiries:
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Investment ManagerΒ
AXA Investment Managers UK Limited
Broker Services
7 Newgate Street
London EC1A 7NX
Tel: +44 (0)20 7003 2345Email: broker.services@axa-im.com
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Broker
Oriel Securities Limited
Neil Winward
Tel: +44 (0)20 7710 7600
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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
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