Worsley Inv Ltd Regulatory News (WINV)

01 October 2010

AXA Property Trust Limited

Refinancing of the AXA Property Trust Limited Portfolio

The Board and Managers of AXA Property Trust Limited ("APT" or the "Company") are pleased to announce that they have agreed head of terms for a new medium term loan facility (the "Facility") to refinance its existing loan of €78.6 million.

The proposed new Facility, agreed with Credit Agricole Corporate and Investment Bank and Landesbank Berlin / BerlinHyp, extends for a period of 5 years from the date of drawdown.

The aggregate interest rate cost of the new loan based on the current five year swap plus a 2.0% margin is estimated to be 4.0%. This compares favourably with the overall cost of debt over the last five years and thus increases available cash flow to ensure the maintenance and potential growth of dividend income for shareholders.

As per the Company's previous announcements, the net asset value will remain hedged. Credit Agricole Corporate and Investment Bank and Landesbank Berlin / BerlinHyp will provide each 50% of the currency and interest rate hedging.

The main financial covenants applicable as part of the Facility are as follows:

·; 55% LTV on drawdown to maximum of € 78.6m

·; LTV test at 50% at end of year 1, thereafter 60%

·; Global LTV test at 60% at end of year 1, thereafter 70%. The Global LTV is the loan value plus mark to market changes under hedges as a percentage of the market value of the properties.

·; ICR Covenant - 185% (1 year look forward & back)

·; Margin of 200bps;

·; Arrangement Fee of 90bps

·; Prepayment Fees of 125bps (year 1) and 100bps (year 2)

The Lenders have agreed to permit the Company to enter into equity hedges at or about the value of the Company's NAV for a duration of up to 12 months, to be settled in cash at maturity. As part of the re-financing the Company will renew and extend its cross-currency swaps to ensure stable sterling denominated income flows from the portfolio over the medium term, and will enter into new interest rate swaps and caps to eliminate floating interest rate risk.

The achievement of this significant step in the refinancing of APT is an important part of the Company's strategy; it provides a good basis for the Board and Managers to deliver growth and improve APT's prospects.

Company website:

http://www.axapropertytrust.com

All Enquiries:

Investment Manager

AXA Investment Managers UK Limited

Simon Hopper / Bonny 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

Tom Durie

Tel: +44 (0)20 7710 7600

Neil Winward

Tel: +44 (0)20 7710 7460

Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

GY1 3QL

Tel : +44 (0)1481 745604

Fax : +44 (0)1481 745085