Last checked at 
4 Jul 2011 07:00
To: RNS
From: AXA Property Trust Limited
Date: 04 July 2011
AXA Property Trust completes portfolio refinancing
The Board is pleased to announce that on 28 June 2011 the facility agreement for the refinancing of the Main Facility with Credit Agricole Corporate and Investment Bank and Credit Foncier de France was executed. Details are as follows:
Total amount €75,759,750
Loan to Value on banks valuation 55%
Loan to Value test after one year 50%
Expiry Date 1 July 2016
Margin 2.40%
Arrangement Fee 1.00%
Amortisation: None
All-in rate excluding costs 4.89%
The Directors and the Manager are confident the Company continues to have sufficient cash and income to meet all costs of the refinancing, and maintain the current level of dividend.
The completion of this refinancing will further enable the Company to focus on enhancing portfolio value, whilst re-positioning the asset base through disposals of non-value adding properties. A plan is being implemented to achieve these objectives, and to ensure compliance with the future LTV test of 50% on 1 July 2012.
All Enquiries:
Investment Manager
AXA Investment Managers UK Limited
Simon Hopper / Bobby Owen
7 Newgate Street
London EC1A 7NX
Tel: +44 (0)20 7330 6619
Email: broker.services@axa-im.com
Sponsor and Broker
Oriel Securities Limited
Joe Winkley / 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
Guernsey
GY1 3QL
Tel: 01481 745604
Fax: 01481 745085