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1 Apr 2011 16:35
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AXA Property Trust Limited
1 April 2011
Further to the announcement by AXA Property Trust Limited (the "Company") on 28 February 2011 advising of the anticipated completion of the loan documentation by 31 March 2011, the Board advises that, despite the fact that the terms of the refinancing have now been agreed and settled with Credit Agricole CIB, the negotiations with Landesbank Berlin / BerlinHyp ("LBB") as co-lender have ended.
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Both lenders have agreed to extend the existing facility to 1 July 2011 to allow the Company to find another bank to replace LBB.Β This 3 month extension is at the same existing margin.
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Positive discussions have already taken place with other potential co-lenders. Credit Agricole are aware of the situation and have confirmed their willingness to proceed with another co-financier.
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A further announcement will be made by the Board as and when there is further significant progress.
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As previously announced by the Company on 28 February 2011, the Company intended, by the end of March 2011, to extinguish all of its currency hedging contracts in place as at 31 December 2010 in relation to its net investments in Euro. This has now taken place and all such contracts have been extinguished.
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Company website:
http://www.axapropertytrust.com
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All Enquiries:
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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
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Sponsor and Broker
Oriel Securities Limited
Joe Winkley / 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 745604
Fax : +44 (0)1481 745085
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