Refinancing

RNS Number : 6557J

AXA Property Trust Ld

04 July 2011

 



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:  [phone]

Email:  [e-mail]

Sponsor and Broker

Oriel Securities Limited

Joe Winkley / Neil Winward

Tel:  [phone]

Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Tel: [phone]

Fax: [phone]

 

END

 

 

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