APT Axa Property Trust Limited

 
TIDMAPT 
 
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    NET ASSET VALUE        NAV DATE 
                            SHARE         (GBP000s) 
 
   AXA Property Trust    54.99 pence      12,870           31 March 2018 
        Limited 
 
This compares to a NAV of GBP14.906 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 
 
 
 
 
END 
 

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May 30, 2018 10:54 ET (14:54 GMT)

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