AEW UK Long Lease REIT PLC AEW UK Long Lease REIT Acquires Third Asset (5587R)
September 22 2017 - 4:40AM
UK Regulatory
TIDMAEWL
RNS Number : 5587R
AEW UK Long Lease REIT PLC
22 September 2017
22 September 2017
AEW UK Long Lease REIT plc Acquires Newcastle Wet 'n' Wild Water
Park for GBP2.9m
AEW UK Long Lease REIT plc ("the Company") is pleased to
announce the acquisition of the Wet 'n' Wild Water Park in Royal
Quays, Newcastle-upon-Tyne for GBP2.9m, its third transaction since
its IPO in June. The property comprises a purpose built indoor
water park totalling 37,131 sq ft and is let to Serco Leisure
Operating Ltd, a wholly owned subsidiary of Serco Plc, for an
unexpired term of 22 years with annual rental uplifts linked to
RPI. The acquisition reflects a net initial yield of 6.1%.
The waterpark, which was developed in 1992 and fully refurbished
in 2014 at the cost of GBP1.5m, has a dedicated 380 space customer
car park and is well positioned within the Royal Quays area, 1.5
miles south west of North Shields town centre. The property is
situated immediately adjacent to Star Bowl and opposite the Royal
Quays Outlet shopping centre.
The transaction increases the total amount invested by AEW UK
Long Lease REIT plc since June to GBP17.7m. It has a further eight
assets under offer, with a combined value in excess of c GBP40m and
expects to make additional announcements in the coming weeks.
The company raised GBP80.5m from institutional and retail
investors at the IPO and at that time it stated its expectation to
substantially invest the net proceeds within nine months of
listing. The Company 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.
About 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.
About 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 Group, one of the
world's largest real estate managers, with EUR58.5 billion of
assets under management as at 30 June 2017. 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 30 June
2017, AEW Group 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.
AEW UK
Alex Short alex.short@aeweurope.com
+44(0) 207 016 4880
Laura Elkin laura.elkin@aeweurope.com
+44(0) 207 016 4869
Nicki Gladstone 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
Lucy Featherstone +44(0) 7738 724 630
About AEW Europe
AEW is one of the world's largest real estate asset managers,
with EUR58.5bn of assets under management as at 30 June 2017. AEW
has over 600 employees, with its main offices located in Boston,
London, Paris and Hong Kong and offers a wide range of real estate
investment products including comingled funds, separate accounts
and securities mandates across the full spectrum of investment
strategies. AEW represents the real estate asset management
platform of Natixis Global Asset Management, one of the largest
asset managers in the world.
As at 30 June 2017, AEW managed EUR26.0bn of real estate assets
in Europe on behalf of a number of funds and separate accounts. AEW
has over 300 employees based in 10 offices across Europe and has a
long track record of successfully implementing core, value-add and
opportunistic investment strategies on behalf of its clients. In
the last five years, AEW has invested and divested a total volume
of over EUR17.5bn of real estate across European markets.
This information is provided by RNS
The company news service from the London Stock Exchange
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