8th Sep 2006 08:29
AXA Property Trust Ld08 September 2006 08 September 2006 AXA Property Trust Limited Change in Gearing The Board of AXA Property Trust Limited (the "Company") announces that it hasresolved to allow the Company's investment manager, AXA Investment Managers UK,to increase the level of gearing in the Company from the current level of 35per cent. to a level of up to 45 per cent. of the value of the Company'sproperty portfolio calculated at the time of each drawdown. The decision to permit an increase in the level of gearing can be attributed to: •The availability of good quality investment stock at competitive prices; •The difference between financing costs and returns from European real estate; and •Increased optimism for rental growth in Europe, which, when combined with the availability of funds for investment in real estate across Europe, may result in further yield compression. The 45 per cent. gearing level is within the borrowing limit in the Company'sArticles which permit a maximum level of gearing of up to 50 per cent. of theCompany's property portfolio value at the time of drawdown. The Board willcontinue to keep the level of gearing under review. All Enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Tel: 01481 745338 Fax: 01481 745085 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Worsley Inv Ltd