30 May
2018
AXA Property Trust Limited
Net Asset Value 31 March 2018 (Unaudited) and Update on the
Ongoing Managed Wind-down of the Company
The Directors are pleased to give the following update on the
status of the Company:
1) Net Asset Value as at 31st
March 2018
FUND
NAME |
NAV PER
SHARE |
NET
ASSET VALUE (£000s) |
NAV
DATE |
AXA Property Trust
Limited |
54.99 pence |
12,870 |
31 March 2018 |
This compares to a NAV of £14.906 million (63.69 pence per share) as at 31st
December 2017.
2) Update on Asset Disposal and Tenant
Discussions
As a result of the ongoing discussions with the tenant at the
Curno property, the Manager is proposing to agree a lease
restructuring in order to reduce the rent to a level considered to
be more sustainable for the tenant and prospective purchasers, in
view of the change in local cinema operating conditions. At the
same time, the lease negotiations will target an extension to the
existing unexpired term of 6.5 years in order to widen the appeal
of the property to potential purchasers.
As a consequence of the likelihood of these negotiations
concluding, the valuation of the property as at 31st
March 2018 has been adjusted
downwards by the valuer, Knight Frank, by approximately 14% from
the previous valuation as at 31 December
2017.
It is the intention of the Manager that the principal terms of
the lease restructuring will be agreed with the tenant with a lease
commencement date on the new terms to be finalised during 2018.
Depending on the final nature of these terms, it is possible that
there will be further downward movement in the valuation.
An announcement will be issued once the lease terms are agreed
and signed.
3) The Chairman has previously referred to ongoing
analysis by the Board of Directors, in conjunction with the
Manager, to review all options to minimise the cost structure and
operating expenses of the Company.
As a result of this review, and in view of the ongoing
uncertainty of timing for the Curno disposal, the Board intends to
provide shareholders with recommended proposals, and an overview of
the options it considered, with regards to the orderly termination
of the Company and a rationale which supports the Board’s
recommendation.
It is intended that full details of these proposals will be
circulated before the end of June
2018 within a Shareholder Circular and notice of an early
Annual General Meeting.
Company website:
retail.axa-im.co.uk/axa-property-trust
All Enquiries:
Investment Manager
AXA Investment Managers UK Limited
Broker Services
7 Newgate Street
London EC1A 7NX
United Kingdom
Broker
Stifel Nicolaus Europe Limited
150 Cheapside
London EC2V 6ET
United Kingdom
Tel: +44 (0)20 7710 7600
Company Secretary
Northern Trust International Fund
Administration Services (Guernsey)
Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL
Channel Islands