AXA Property Trust has reported a return on net assets of 3.6% for the second half of 2014 as the NAV rose from 54.5p to 56.5p. They say that two more sales of properties in the portfolio are close to being agreed. If they can get these done, a further capital distribution may be possible by summer 2015.
Their asset in Altenstadt-Lindheim, Germany has been actively marketed following the agreement with the tenant Tegut to a lease extension to 2028. They say this is now under formal offer at €4.2m. At Kraichtal, also in Germany, a significant upgrade to the unit together with an extension of floor space has been agreed with the principal tenant REWE, with an accompanying increase in rent and lease term, thereby improving the sale prospects of this asset for which marketing is ongoing.
Elsewhere, at Agnadello, in Italy, notice was not given to operate the tenant break option at 30 June 2015. The next break option is 30 June 2018 on twelve months notice and payment of a penalty. The manager says this allows the disposal process to commence.
APT : AXA Property Trust disposals underway