2nd Apr 2008 15:43
AXA Property Trust Ld02 April 2008 To: Company Announcements Date: 2 April 2008 Company: AXA Property Trust Limited Subject: Facility Draw down On 28 March 2008, the Company made a final €15 million draw down on its loanfacility with Calyon Corporate and Investment Bank, bringing its total gearingto 44.7% excluding the 12% interest in the Porto Kali Dutch office portfolio and47.2% including Porto Kali. The purpose of the draw down is to secure financing for future capitalexpenditure on the logistics warehouse in Agnadello and retail park in Fuerthprior to the expiry of the availability period of the loan facility on 1 April2008. The Directors are of the view that the financing terms under the existingloan facility are favourable compared to those terms that could potentially beachieved in the next six to 18 months, with the added advantage of certainty. The cash will be invested in fixed term deposits which will be realised asrequired for the capital expenditure programme. The interest rate risk on the €15 million draw down will be fully hedged viainterest rate swaps and caps to April 2011 when the loan facility expires. All Enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St Peter Port Guernsey GY1 3QL Tel: 01481 745529 Fax: 01481 745085 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Worsley Inv Ltd