Axa Property Trust sells German property; extends credit facility

AXA Property Trust said it has contracted for the sale of its property at Dasing, Germany at a sales price in line with an undisclosed valuation and added that it was in “advanced” talks on a short term extension to its debt facility.

Sales proceeds after disposal costs will be used to continue to pay down the company’s outstanding debt facility. Completion is due in August 2016.

After the sale of Dasing the Company’s remaining assets will comprise a retail investment in Germany, a logistics property close to Milan and a cinema close to Bergamo.

“Both Italian assets are being marketed, whilst asset management initiatives to prepare the German asset for sale are being finalised. The manager remains focused on delivering disposals of the remaining assets in a timely manner and updates on further sales will be provided as they are agreed under contract,” AXA said in a statement.

“The company is in advanced discussions with its lender, CACIB, to provide a short term extension to its debt facility with effect from 1 July 2016 and will issue a further announcement once this has concluded.”

Shares in the company were down 2.9% to 54.5p at 1544 BST.