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16 Jun 2016 15:11
AXA PROPERTY TRUST LTD - Update on Asset Disposals & the Company's Debt FacilityAXA PROPERTY TRUST LTD - Update on Asset Disposals & the Company's Debt Facility
PR Newswire
London, June 16
16 June 2016
AXA Property Trust Limited
Update on Asset Disposals and the Company’s Debt Facility
The Board of AXA Property Trust Limited is pleased to announce that the Company has contracted for the sale of the property at Dasing, Germany at a sales price in line with valuation. Completion is due in August 2016. Sales proceeds after disposal costs will be used to continue to pay down the Company’s outstanding debt facility.
Following the sale of Dasing the Company’s remaining assets will comprise a retail investment in Germany, a logistics property close to Milan and a cinema close to Bergamo. Both Italian assets are being marketed, whilst asset management initiatives to prepare the German asset for sale are being finalised. The Manager remains focussed on delivering disposals of the remaining assets in a timely manner and updates on further sales will be provided as they are agreed under contract.
The Company is in advanced discussions with its lender, CACIB, to provide a short term extension to its debt facility with effect from 1st July 2016 and will issue a further announcement once this has concluded.
Enquiries:
All Enquiries:
Investment Manager AXA Investment Managers UK LimitedBroker Services7 Newgate StreetLondon EC1A 7NXTel: +44 (0)20 7003 2345Email: broker.services@axa-im.com
Sponsor and BrokerStifel Nicolaus Europe Limited150 CheapsideLondon EC2V 6ETTel: +44 (0)20 7710 7600
Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGY1 3QLTel: +44 (0)1481 745324