Acquisition

3rd May 2007 07:00

AXA Property Trust Ld03 May 2007 To: Company AnnouncementsDate: 02 May 2007Company: AXA Property Trust Limited Subject: Acquisition AXA PROPERTY TRUST LIMITED ACQUIRES €35 MILLION INTEREST IN DUTCH OFFICEPORTFOLIO The Board is pleased to announce that AXA Property Trust Limited ("the Company")has agreed to acquire an interest in a consortium which is contracted topurchase from AZL Vastgoed Kantoren N.V. a portfolio of 58 office propertieslocated across the Netherlands. The Company's commitment of €35.1 million cash consideration plus acquisitioncosts of approximately €2.3 million represents a 12.1% interest in theconsortium. The value of the portfolio to be acquired is estimated to beapproximately €290 million and is expected to generate annual net income of€17.7 million. The transaction is scheduled to complete 1 June 2007. The four other members of the consortium (which are each managed or advised byAXA REIM) are European Added Value Fund LP, European Real Estate OpportunityFund II LP, AXA Sun Life plc and European Office Income Venture SCA. This acquisition brings the Company's total contracted and optioned portfolio ofproperties by gross purchase price, including acquisition costs, to €214million, giving a blended gross portfolio yield of 7.9% based on grossacquisition price. The Company is now 89% invested, with the €26 million balanceof investible funds allocated to specific investments and currently insolicitors' hands. All Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGY1 3QL Tel: 01481 745529Fax: 01481 745085 This information is provided by RNS The company news service from the London Stock Exchange

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