AEW UK Long Lease REIT PLC Portfolio Update (6451K)
July 11 2017 - 2:00AM
UK Regulatory
TIDMAEWL
RNS Number : 6451K
AEW UK Long Lease REIT PLC
11 July 2017
11 July 2017
AEW UK Long Lease REIT plc Portfolio Update
AEW UK Long Lease REIT plc is pleased to announce that it
currently has four properties under offer across a range of
property sectors. The combined value of the assets is GBP24m and
represents over 30% of the net proceeds raised at the Company's
successful IPO on 6 June 2017. The properties are in line with the
Company's target asset profile outlined at the time of the IPO,
with the focus being on alternative property sectors.
Three of the assets which the Company has so far agreed to
acquire are a hotel, a gym and an ice-rink. The weighted average
unexpired lease term provided by these assets is in excess of 20
years, above the portfolio's minimum target of 18 years, with an
initial yield of 6.9%; 98% of the lease income from these assets is
inflation-linked. A further asset is under offer in the industrial
sector which provides a longer unexpired term with predominantly
inflation-linked rental income.
The acquisition of these assets is expected to take place over
the coming weeks and further announcements will be made in due
course.
AEW UK Long Lease REIT is targeting an annual dividend of 5.5
pence per share paid quarterly, once fully invested and levered,
with an ambition to grow in line with UK inflation thereafter.
Alex Short, Director of AEW UK Investment Management LLP, and
Portfolio Manager of the Company said: "We are very pleased to have
secured these assets under offer following the IPO last month. We
continue to see a very interesting pipeline of opportunities, and
are confident we will be able to deploy the funds within the
timeframe we have indicated, while maintaining a rigorous
investment approach."
For further information, please contact:
AEW UK
Alex Short alex.short@aeweurope.com
+44(0) 207 016 4880
Laura Elkin laura.elkin@aeweurope.com
Nicki Gladstone +44(0) 207 016 4869
nicki.gladstone-ext@aeweurope.com
+44(0) 771 140 1021
Company Secretary
Capita Company Secretarial aewl-cosec@capita.co.uk
Services Limited +44(0) 139 247 7509
Temple Bar Advisory +44(0) 207 002 1510
Ed Orlebar +44(0) 7738 724 630
Tom Allison +44(0) 7789 998 020
Alycia MacAskill +44(0) 7876 222 703
AEW UK Long Lease REIT
AEW UK Long Lease REIT plc (LSE: AEWL) aims to generate a
sustainable, secure and predictable income return, whilst at least
maintaining capital values in real terms, by investing in a
diversified portfolio of UK properties, with an attractive entry
yield, predominately in alternative and specialist sectors. It will
invest in a diverse range of sectors that are underrepresented in
institutional portfolios including leisure, healthcare, education,
hotels, student accommodation, supported living and automotive. At
its IPO on June 6 2017, AEWL raised GBP80.5m from institutional and
retail investors. At least 85% of the portfolio's leases will
contain inflation-linked rent reviews, and average initial
unexpired leases in excess of 18 years.
AEW UK Investment Management LLP
AEW UK Investment Management LLP employs a well-resourced team
comprising 25 individuals covering investment, asset management,
operations and strategy. It is part of AEW Global, one of the
world's largest real estate managers, with EUR60.1 billion of
assets under management as at 31 December 2016. AEW Global
comprises AEW Europe SA and AEW Capital Management L.P., a U.S.
registered investment manager. In Europe, as at 31 December 2016,
AEW Global managed EUR26.0 billion in value in properties of all
types located in 14 countries, with over 380 staff. The Investment
Manager is a 50:50 joint venture between the principals of the
Investment Manager and AEW Europe.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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