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AEW UK REIT plc

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DGAP-UK-Regulatory News vom 09.09.2020

AEW UK REIT plc: Update Statement

AEW UK REIT plc (AEWU)
09-Sep-2020 / 07:00 GMT/BST
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The issuer is solely responsible for the content of this announcement.

9 September 2020

 

AEW UK REIT Plc (the "Company")

 

Update statement

 

AEW UK REIT plc (LSE: AEWU) (the "Company"), which, as at 9 September 2020, directly owns a diversified portfolio of 34 regional UK commercial property assets, today provides an update in respect of recent activity.

 

Rent Collection

The Investment Manager has continued to maintain close contact with all tenants over recent months in order to maximise collection. As at the date of this announcement, the Company had collected the following rental payments for the rental quarter commencing 24 June 2020, expressed as a percentage of the quarter's total rental income:

Current Position

 

As at 7 September 2020

Received

 

85%

Payments expected prior to quarter end

 

2%

 

 

87%

Payments expected under longer term payment plans

Under Negotiation - pending the agreement of potential asset management transactions

 

2%

3%

 

 

91%

Outstanding

 

9%

Total

 

100%

 

In respect of the quarter commencing on the 25 March 2020, the Company reports that 89% of rents have now been collected with a further 8% of payments expected to be received over coming periods by way of agreed payment plans which, once received, will total 97%.

 

It should be noted that this is an evolving picture with further payments being received each day.  In addition, amounts that remain outstanding are being pursued by the Company and are subject to ongoing engagement between the Manager and the tenant. 

 

Asset Management Update

 

Since its last announcement in July, the Company has completed the following asset management transactions:

 

Langthwaite Grange Industrial Estate, South Kirkby - During August, a lease renewal was signed with the Company's third largest tenant, Ardagh Glass. Rent payable under the new lease has been agreed 13% ahead of both independent valuer's estimated levels and the previous level of passing rent. The lease is for a five year term and the tenant will benefit from four months' rent free and a tenant break option after three years.

 

Bessemer Road, Basingstoke - During July, the Company has completed a 5 year lease renewal at its 58,000 sq ft industrial premises in Basingstoke.  The lease has been granted with no rent free incentive given to the tenant and secures a rental income that is 6% ahead of independent valuer's estimated levels.  The tenant has the benefit of a break option in year 3.

 

Alex Short and Laura Elkin, Portfolio Managers, AEW UK REIT, commented:

"We are very encouraged by recent performance from AEWU's portfolio and rent collection figures continue to improve in line with our expectations.  We have completed some major asset management initiatives since the start of the year that have been accretive to both income and NAV, some examples of these are listed above, and in the majority of our portfolio we are still seeing opportunities to both lengthen and grow income streams.  This positive momentum, along with our healthy capitalisation, led our Board to support the full payment of AEWU's target 2p per share per quarter dividend during July and it is our hope that this positive momentum can be maintained going forward."

 

 

Enquiries

 

AEW UK

 

Alex Short

[email protected]

 

+44(0) 20 7016 4848

Laura Elkin

[email protected]

+44(0) 20 7016 4869

Nicki Gladstone

[email protected]

 

+44(0) 7711 401 021

Company Secretary

 

Link Company Matters Limited

[email protected]

 

+44(0) 1392 477 500

 

 

TB Cardew

[email protected]

Ed Orlebar

+44 (0) 7738 724 630

Lucas Bramwell

+44 (0) 7939 694 437

 

 

Liberum Capital

 

Gillian Martin/Owen Matthews

+44 (0) 20 3100 2000

 

 

 

Notes to Editors

 

About AEW UK REIT

 

AEW UK REIT plc (LSE: AEWU) aims to deliver an attractive total return to shareholders by investing predominantly in smaller commercial properties (typically less than £15 million), on shorter occupational leases in strong commercial locations across the United Kingdom. The Company was listed on the Official List of the UK Listing Authority and admitted to trading on the Main Market of the London Stock Exchange on 12 May 2015, raising £100.5m. Since IPO it has raised a further £58m.

 

The Company is currently invested in office, retail, industrial and leisure assets, with a focus on active asset management, repositioning the properties and improving the quality of the income stream. 

 

AEWU is currently paying an annualised dividend of 8p per share. 

 

www.aewukreit.com 

 

About AEW UK Investment Management LLP

 

AEW UK Investment Management LLP employs a well-resourced team comprising 26 individuals covering investment, asset management, operations and strategy. It is part of AEW Group, one of the world's largest real estate managers, with €71.2bn of assets under management as at 31 March 2020. AEW Group comprises AEW SA and AEW Capital Management L.P., a U.S. registered investment manager and their respective subsidiaries. In Europe, as at 31 March 2020, AEW Group managed €33.5bn of real estate assets on behalf of a number of funds and separate accounts with over 420 staff located in 9 offices. The Investment Manager is a 50:50 joint venture between the principals of the Investment Manager and AEW. In May 2019, AEW UK Investment Management LLP was awarded Property Manager of the Year at the Pensions and Investment Provider Awards.

 

www.aewuk.co.uk


LEI: 21380073LDXHV2LP5K50




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