AEW UK REIT PLC AEW UK REIT plc secures new debt facility (1846L)
May 12 2022 - 2:01AM
UK Regulatory
TIDMAEWU
RNS Number : 1846L
AEW UK REIT PLC
12 May 2022
12 May 2022
AEW UK REIT PLC
AEW UK REIT PLC SECURES NEW DEBT FACILITY
AEW UK REIT plc (LSE: AEWU) ("AEWU" or the "Company") is pleased
to announce that the Company has secured a new GBP60 million 5-year
term loan facility with AgFe, a leading independent asset manager
specialising in debt-based investments. The loan is a fixed rate
loan with a total interest cost of 2.959%. The existing GBP54
million RBS International loan facility, which is due to mature in
October 2023, will be repaid in full by the new loan facility.
Simultaneous to the funding, the Company's interest rate cap will
be sold; with its value, as at 30 April 2022, being GBP908,000.
In the current inflationary environment, the Company considers
it prudent to fix the loan now, rather than run the risk of further
rising rates.
The Company intends to utilise borrowings to enhance returns
over the next five years. In anticipation of capital receipts from
the sales of both East Point Business Park in Oxford and Bath
Street in Glasgow, the Company is currently reviewing an attractive
pipeline of assets which offer income levels and capital growth
opportunities in line with the existing portfolio.
As was announced in the March 2022 NAV update, the Company had a
loan to NAV ratio of 28.26%. With this new loan facility secured,
the loan to NAV will be 31.40% (using the NAV as at 31/03/2022),
returning the Company to its target loan to NAV ratio of
30-35%.
Laura Elkin, Portfolio Manager of AEW UK REIT said: "This new
facility with AgFe, secured against the backdrop of increasing
rates, will allow the Company to continue to invest and realise the
strong pipeline of interesting opportunities that we are currently
pursuing, whilst also continuing to deliver strong returns to the
Company's shareholders."
ENDS
Enquiries
AEW UK
Laura Elkin laura.elkin@eu.aew.com
+44(0) 7917 058 337
Henry Butt h enry.butt@eu.aew.com
+44(0) 7920 499 076
Nicki Gladstone nicki.gladstone-ext@eu.aew.com
+44(0) 7711 401 021
Company Secretary
Link Company Matters Limited aewu.cosec@linkgroup.co.uk
+44(0) 1392 477 500
TB Cardew AEW@tbcardew.com
Ed Orlebar +44 (0) 7738 724 630
Tania Wild +44 (0) 7425 536 903
Lucas Bramwell +44 (0) 7939 694 437
Liberum Capital
Darren Vickers / 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 GBP15 million), on
shorter occupational leases in strong commercial locations across
the United Kingdom. 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 income streams. AEWU is currently paying an annualised dividend
of 8p per share.
The Company was listed on the Official List of the Financial
Conduct Authority and admitted to trading on the Main Market of the
London Stock Exchange on 12 May 2015. www.aewukreit.com
LEI: 21380073LDXHV2LP5K50
About AEW UK Investment Management LLP
AEW UK Investment Management LLP employs a well-resourced team
comprising 28 individuals covering investment, asset management,
operations and strategy. It is part of AEW Group, one of the
world's largest real estate managers, with EUR88.2bn of assets
under management as at 31 December 2021. 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
December 2021, AEW Group managed EUR38.5bn of real estate assets on
behalf of a number of funds and separate accounts with over 450
staff located in 12 locations. In May 2019, AEW UK Investment
Management LLP was awarded Property Manager of the Year at the
Pensions and Investment Provider Awards.
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END
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