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14 Oct 2008 14:30
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To: Company Announcements
Date: [14] OctoberΒ 2008
Company: AXAΒ PropertyΒ Trust Limited
Subject: LoanΒ toΒ Value CovenantΒ Β
Further to the Final Results Announcement onΒ 9 October 2008, the following supplementary informationΒ is provided in relation to the Loan to Value ("LTV") covenant obligations ofΒ AXA Property Trust Limited (theΒ "Company").Β
Under the terms of the Company's main loan facility, theΒ maximum permittedΒ Gross LTV isΒ 50%. AtΒ 30 June 2008Β the Gross LTV wasΒ 43.1%.Β AΒ decrease in the Company's property valuations as atΒ 30 June 2008Β of over 13% would be necessary to breach the Gross LTV covenant.Β
In addition to its property portfolio, the Company and its subsidiaries held total cash of Β£20.1 million (EURΒ 25.5 million) atΒ 30 June 2008, giving a Net LTV of 29.5%.Β The Β£20.1 millionΒ cashΒ has beenΒ allocatedΒ betweenΒ aΒ Β£2.2 million repayment of a separate loan held byΒ the joint venture in Agnadello;Β working capital; andΒ uncommitted capital expenditure ofΒ up toΒ Β£11 million,Β principallyΒ to develop the Company's retail asset inΒ Fuerth,Β Germany.Β If the cash allocated to uncommitted capital expenditure were utilised to repay part of the bank debt, property valuations could decline by over 28% before breaching the Gross LTV covenant.
Notes
GrossΒ LTV is calculated as debt over property portfolioΒ atΒ fair value.Β Net LTV is calculated as debt net of cash over property portfolioΒ atΒ fair value.Β TheΒ bank facilityΒ covenant terms exclude the joint venture in Agnadello inΒ ItalyΒ and the Porto Kali consortium investment in theΒ Netherlands.Β
All Enquiries:
AXA Investment Managers UK Limited 8th Floor 155 Bishopsgate London EC2M 3XJ
Tel: 0845 766 0184 (Option 3) Email:Β broker.services@axa-im.com
The Company SecretaryΒ
Northern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesStΒ PeterΒ PortGuernseyGY1 3QLTel:Β Β 01481 745529Fax: 01481 745085
www.axapropertytrust.com
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