AEWU.L - AEW UK REIT plc

LSE - LSE Delayed price. Currency in GBp
66.00
+2.80 (+4.43%)
At close: 4:39PM GMT
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Previous close63.20
Open64.20
Bid65.00 x 0
Ask66.00 x 0
Day's range63.00 - 66.40
52-week range0.97 - 102.10
Volume494,087
Avg. volume497,515
Market cap100.028M
Beta (5Y monthly)N/A
PE ratio (TTM)6.41
EPS (TTM)N/A
Earnings date10 Jul 2019 - 15 Jul 2019
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target est101.00
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  • EQS Group

    AEW UK REIT plc: Placing under Placing Programme

    AEW UK REIT plc (AEWU) 19-Feb-2020 / 07:00 GMT/BST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM), AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO.THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.This announcement is an advertisement for the purposes of the Prospectus Rules of the UK Financial Conduct Authority (the "FCA") and not a prospectus and not an offer of securities for sale in any jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Investors should not purchase or subscribe for any shares referred to in this announcement except on the basis of information in the prospectus published on 1 March 2019 (the "Prospectus") and the supplementary prospectus published on 11 July 2019. A copy of the Prospectus is available from the Company's website (www.aewukreit.com/investors), subject to applicable securities laws, and at its registered office at 6th Floor, 65 Gresham Street, London, EC2V 7NQ and at the offices of Gowling WLG (UK) LLP, 4 More London Riverside, London, SE1 2AU.19 February 2020AEW UK REIT Plc (the "Company")Placing under Placing Programme The Company today announces its intention to raise new capital under the Company's placing programme (the "Placing Programme") as detailed in the Company's Prospectus dated 1 March 2019. Background The Company's investment objective is to deliver an attractive total return to Shareholders from investing predominantly in a portfolio of smaller commercial properties in the United Kingdom. The Company, as at 15 January 2020, directly owns a diversified portfolio of 35 regional UK commercial property assets with a particular focus on industrial assets.The Company has paid a dividend of 8 pence per share since inception which is fully covered by portfolio yield. AEW UK Investment Management LLP (the "Investment Manager") employs an active management strategy which seeks to enhance values through rental uplift and other strategic opportunities. The fair value independent valuation of its property portfolio was £195.80 million and it had net assets of £147.38 million as at 31 December 2019 (unaudited).Investment OpportunityThe Investment Manager, has a strong pipeline of potential investments matching the Company's investment policy and showing similar attractive income profiles and value add opportunities to the existing out-performing portfolio. This pipeline, on which due diligence and negotiations are progressing, totals c. £100 million the majority being in the industrial sector and focused on locations exhibiting low levels of competing supply and assets with low levels of passing rent. The Company achieved total returns of 8.54 per cent. from similar assets held over the 12 months to 31 December 2019. Net proceeds raised under the Placing are expected to be deployed within approximately three to six months of Admission.Proposed Placing under the Placing ProgrammeThe Company is seeking to raise up to £20 million via a placing (the "Placing") of new ordinary shares of 1 pence each (the "New Shares") at a proposed placing price of 97 pence per share (the "Proposed Placing Price").The Proposed Placing Price represents a 1.85 per cent. premium to the last reported (unaudited) Net Asset Value per Ordinary Share of the Company as at 31 December 2019 (the "NAV") adjusted for dividend declared on 16 January 2020 which went ex-dividend on 23 January 2020. The proposed Placing will take place through the Company's broker, Liberum Capital Limited ("Liberum").The Placing shall commence immediately following the release of this announcement and is expected to close at 4.00 p.m. (London time) on 25 February 2020, but may be closed earlier or later at the discretion of the Company and Liberum. The final number of New Shares will be agreed between the Company and Liberum following close of the Placing, and announced shortly thereafter. The Placing size may be increased or decreased at the Company's discretion.Liberum may choose to accept bids, either in whole or in part, on the basis of allocations determined in agreement with the Company, and may scale down any bids for this purpose on such basis as the Company and Liberum may determine. Liberum may also, notwithstanding the above and subject to the prior consent of the Company: (i) allocate New Shares after the time of any initial allocation to any person submitting a bid after that time, and (ii) allocate New Shares after the book-build has closed to any person submitting a bid after that time. The Company's Board, in consultation with Liberum, may also decide not to proceed with the Placing for any reason. In this case, an announcement will be made by the Company. Applications will be made to the London Stock Exchange for the New Shares to be to be admitted to listing on the premium segment of the Official List and to trading on the Main Market ("Admission"). It is expected that Admission will become effective on or around 28 February 2020 and that dealings in the New Shares will commence at that time.The Placing is being made pursuant to the terms and conditions set out in Part 11 of the Prospectus. Investors are invited to apply for New Shares pursuant to the Placing by contacting their usual contact at Liberum.DividendOn 16 January 2020, the Company declared a dividend for the quarter ending 31 December 2019 which went ex on 23 January 2020 and which is expected to be paid on 28 February 2020. Investors subscribing for shares under the Placing will not qualify for that dividend but shall rank pari passu for the next quarter's declared dividend.Expected Timetable for the PlacingEach of the times and dates set out below and mentioned elsewhere in this document may be adjusted by the Company, in which event details of the new times and dates will be announced via a Regulatory Information Service. References to a time of day are to London time. EventDate Placing opens19 February 2020 Latest time and date for commitments under the Placing4.00 p.m. on 25 February 2020 Trade date26 February 2020 Admission8.00 a.m. on 28 February 2020 Crediting of CREST stock accounts in respect of the New Shares28 February 2020 A copy of the Prospectus is available for inspection at: www.morningstar.co.uk/uk/nsm as well as on the Company's website: https://www.aewukreit.com/.Terms used but not defined in this announcement shall have the meanings given to such terms in the Prospectus.This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.Past performance is not necessarily a reliable indicator of future results. Returns are target returns only and there can be no guarantee that such returns will be achieved. The market value of shares and income from them can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Enquiries AEW UK Alex Shortalex.short@eu.aew.com +44(0) 20 7016 4848 Laura ElkinLaura.elkin@eu.aew.com+44(0) 20 7016 4869 Nicki Gladstonenicki.gladstone-ext@eu.aew.com +44(0) 7711 401 021 Company Secretary Link Company Matters Limitedaewu.cosec@linkgroup.co.uk +44(0) 1392 477 500 TB CardewAEW@tbcardew.com 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 About AEW UK REITAEW 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 £51m.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 €70.2bn of assets under management as at 30 September 2019\. 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 September 2019, AEW Group managed €32.3bn of real estate assets on behalf of a number of funds and separate accounts with over 400 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 Important Notice This announcement is not intended to be investment advice. Members of the public are not eligible to take part in the Placing. This announcement and the terms and conditions referred to herein are directed in the United Kingdom only at persons selected by Liberum Capital Limited who are " investment professionals" falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO") or "high net worth companies, unincorporated associations etc." falling within Article 49(2) of the FPO, or persons to whom it may otherwise be lawfully communicated (all such persons together being referred to as "Relevant Persons"). This announcement and the terms and conditions referred to herein must not be acted on or relied on in the United Kingdom by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to, and will be engaged in only with, persons in the United Kingdom who are Relevant Persons. The Ordinary Shares that are the subject of the Placing are not being offered or sold to any person in the European Union, other than to "qualified investors" within the meaning of the law in the relevant Member State implementing Article 2(e) of the Prospectus Regulation and/or to persons to whom the Ordinary Shares may lawfully be marketed under the Alternative Investment Fund Managers Directive or under the applicable implementing legislation (if any) of that relevant Member State. All offers of Ordinary Shares will be made pursuant to the Prospectus. In the United Kingdom, this announcement is being directed solely at persons in circumstances in which section 21(1) of the Financial Services and Markets Act 2000 (as amended) does not apply. The information contained in this announcement is for background purposes only and does not purport to be full or complete. It is also subject to change. Before subscribing for any Ordinary Shares, persons viewing this announcement should ensure that they fully understand and accept the risks which are set out in the Prospectus. The value of the Ordinary Shares is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. The price and value of securities can go down as well as up, and investors may get back less than they invested or nothing at all. Potential investors should consult an independent financial advisor as to the suitability of the securities referred to in this advertisement for the person concerned.Neither this announcement nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into or from the United States (including its territories and possessions), any member state of the European Economic Area (other than the United Kingdom), Australia, Canada, South Africa, Japan or to any person in any of those jurisdictions or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The offer of Ordinary Shares pursuant to the Placing (the "Offer") and the distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession this announcement or any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, the securities referred to herein to any person in any jurisdiction, including the United States, Australia, Canada, South Africa or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities to which this announcement relates have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any regulating authority or under any applicable securities laws of any state or other jurisdiction of the United States, and may not be offered, sold, pledged or otherwise transferred within the United States or to US persons unless registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with applicable state law. There will be no public offer of the securities in the United States. The securities referred to herein have not been registered under the applicable securities laws of Australia, Canada, South Africa or Japan and, subject to certain exceptions, may not be offered or sold within Australia, Canada, South Africa or Japan or to any national, resident or citizen of Australia, Canada, South Africa or Japan. This announcement contains statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements may be identified by the use of forward‐looking terminology, including the terms "believes", "expects", "anticipates", "intends", "plans", "estimates", "aim", "forecast", "projects", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward‐looking statements may and often do differ materially from actual results. The forward‐looking statements reflect the Company's and the Investment Manager's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth, strategies and the industry in which the Company operates. The forward‐looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. Forward‐looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, the Investment Manager, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward‐looking statements. As a result, investors are cautioned not to place undue reliance on such forward‐looking statements. Forward‐looking statements speak only as of their date and the Company, the Investment Manager, Liberum and any of such person's respective directors, officers, employees, agents, affiliates or advisors expressly disclaim any obligation to supplement, amend, update or revise any of the forward‐looking statements made herein, except where it would be required to do so under applicable law. It is up to the recipient of this announcement to make its own assessment as to the validity of such forward‐looking statements and assumptions. No statement in this announcement is intended as a profit forecast or a profit estimate. The timetable, including the date of Admission, may be influenced by a range of circumstances such as market conditions. There is no guarantee that the Offer will proceed and you should not base your financial decisions on the Company's intentions in relation to the Offer. This announcement does not constitute a recommendation concerning the Offer. The Company is not regulated by the FCA and FCA protection does not apply to the Offer.Liberum, which is authorised and regulated by the FCA in the United Kingdom, is acting exclusively for the Company and no one else in connection with the matters described in this announcement. Liberum will not regard any other person (whether or not a recipient of this document) as a client in relation thereto and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the Offer, the contents of this announcement or any transaction or arrangement or other matter referred to herein. In connection with the Offer, Liberum and any of its affiliates, acting as investors for their own accounts, may subscribe for or purchase Ordinary Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Ordinary Shares and other securities of the Company or related investments in connection with the Offer or otherwise. Accordingly, references in the Prospectus to the Ordinary Shares being offered, subscribed, issued, acquired, sold, placed or otherwise dealt in should be read as including any offer, subscription, issue, sale, acquisition, placing or dealing in the Ordinary Shares by Liberum and any of its affiliates acting as investors for their own accounts. In addition, Liberum or its affiliates may enter into financing arrangements and swaps in connection with which it or its affiliates may from time to time acquire, hold or dispose of Ordinary Shares. Neither Liberum nor any of its affiliates intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so. Apart from the responsibilities and liabilities, if any, which may be imposed on Liberum by the FSMA or the regulatory regime established thereunder, or under the regulatory regime of any jurisdiction where exclusion of liability under the relevant regulatory regime would be illegal, void or unenforceable, neither Liberum nor any of its affiliates, directors, officers, employees, advisors or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information contained in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Ordinary Shares have been subject to a product approval process, which has determined that the Ordinary Shares are: (i) compatible with an end target market of investors who meet the criteria of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the Ordinary Shares may decline and investors could lose all or part of their investment; the Ordinary Shares offer no guaranteed income and no capital protection; and an investment in the Ordinary Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offer. Furthermore, it is noted that, notwithstanding the Target Market Assessment, Liberum will only procure investors who meet the criteria of professional clients and eligible counterparties.For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Ordinary Shares.Each distributor is responsible for undertaking its own target market assessment in respect of the Ordinary Shares and determining appropriate distribution channels. * * * ISIN: GB00BWD24154 Category Code: MSCL TIDM: AEWU LEI Code: 21380073LDXHV2LP5K50 OAM Categories: 2.2. Inside information 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 47489 EQS News ID: 978337 End of Announcement EQS News Service

  • EQS Group

    AEW UK REIT plc: Holding(s) in Company

    AEW UK REIT plc (AEWU) 07-Feb-2020 / 17:24 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:AEW UK REIT plc 1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) Non-UK issuer 2. Reason for the notification (please mark the appropriate box or boxes with an "X") An acquisition or disposal of voting rightsX An acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify): 3\. Details of person subject to the notification obligation NameThe Royal Bank of Scotland Group plc City and country of registered office (if applicable)Edinburgh, Scotland 4\. Full name of shareholder(s) (if different from 3.) NameLynchwood Nominees Limited City and country of registered office (if applicable)- 5\. Date on which the threshold was crossed or reached:05/02/2020 6\. Date on which issuer notified (DD/MM/YYYY):06/02/2020 7. Total positions of person(s) subject to the notification obligation % of voting rights attached to shares (total of 8. A)% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)Total of both in % (8.A + 8.B)Total number of voting rights of issuer Resulting situation on the date on which threshold was crossed or reached9.91%N/A9.91%151,558,251 Position of previous notification (if applicable)10.40%N/A10.40% 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached A: Voting rights attached to shares Class/type of sharesISIN code (if possible)Number of voting rights% of voting rights Direct(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1)Direct(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1) ORD GBP0.01GB00BWD24154 15,025,251 9.91% SUBTOTAL 8\. A15,025,2519.91% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Type of financial instrumentExpiration dateExercise/ Conversion PeriodNumber of voting rights that may be acquired if the instrument isexercised/converted.% of voting rights SUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Type of financial instrumentExpiration dateExercise/ Conversion PeriodPhysical or cash settlementNumber of voting rights % of voting rights SUBTOTAL 8.B.2 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X") Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) Name% of voting rights if it equals or is higher than the notifiable threshold% of voting rights through financial instruments if it equals or is higher than the notifiable thresholdTotal of both if it equals or is higher than the notifiable threshold The Royal Bank of Scotland Group plc9.91% 9.91% NatWest Holdings Limited9.91% 9.91% National Westminster Bank Plc9.91% 9.91% Coutts & Company9.91% 9.91% 10. In case of proxy voting, please identify: Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 11. Additional information Place of completionEdinburgh, Scotland Date of completion06/02/2020 * * * ISIN: GB00BWD24154 Category Code: HOL TIDM: AEWU LEI Code: 21380073LDXHV2LP5K50 OAM Categories: 2.3. Major shareholding notifications Sequence No.: 45555 EQS News ID: 971161 End of Announcement EQS News Service

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  • EQS Group

    AEW UK REIT plc: NAV Update and Dividend Declaration

    AEW UK REIT plc (AEWU) 25-Jul-2019 / 12:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *25 July 2019 NAV Update and Dividend Declaration for the three months to 30 June 2019 AEW UK REIT plc (LSE: AEWU) ("the Company"), which, as at 25 July 2019, directly owns a diversified portfolio of 35 regional UK commercial property assets, announces its unaudited Net Asset Value ("NAV") and interim dividend for the three month period ended 30 June 2019. Highlights * At 30 June 2019, the fair value independent valuation of the property portfolio was £196.56 million (31 March 2019: £197.61 million). On a like-for-like basis the valuation of the property portfolio decreased by £1.05 million (0.53%) over the quarter (31 March 2019: decrease of £1.75 million and 0.91%). * NAV of £148.33 million or 97.87 pence per share (31 March 2019: £149.46 million or 98.61 pence per share). * EPRA earnings per share ("EPRA EPS") for the quarter of 2.25 pence per share (31 March 2019: 1.99 pence per share). * The Company today announces an interim dividend of 2.00 pence per share for the three months ended 30 June 2019, in line with the targeted annual dividend of 8.00 pence per share. * Shareholder total return of 7.6% for the three months ended 30 June 2019 (three months ended 31 March 2019: 5.6%), driven by an increase in share price to 97.88 pence per share as at 30 June 2019 (31 March 2019: 92.80 pence per share). * The Company remains conservatively geared with a gross loan to value ratio of 25.44% (31 March 2019: 25.30%). * At 30 June 2019, the Company held £1.11 million cash for investment which will be held for future capex projects. Alex Short, Portfolio Manager, AEW UK REIT, commented:"This quarter, the Company's EPRA EPS has increased to 2.25 pence per share, as the Company remains fully invested and continues to benefit from its high occupancy rate and the success of key asset management transactions. The increase in EPRA EPS comes largely from a combination of increased rental income, due to the impact of rent reviews and the most recent acquisition of Lockwood Court in Leeds, and the one-off Prospectus costs having been accounted for in the prior quarter's EPRA EPS, which no longer impacts the EPRA EPS this quarter. The vacancy rate remains low at only 3.04% and we expect that the shorter than average portfolio Weighted Average Unexpired Lease Term ("WAULT") of 4.27 years to break and 5.56 years to expiry will provide the opportunity to boost income streams further through the negotiation of higher levels of rent, particularly in the business space sectors which constitute 69.8% of the portfolio.Uncertainty remains in the wider political and economic environment. We hope that the appointment of a new Prime Minister may bring a resolution to the ongoing Brexit negotiations later this year which would provide some certainty to investors and allow the opportunity for further growth in the near future. The like-for-like valuation decrease for the quarter of £1.05 million (0.53%) is detailed as follows by sector:SectorValuation 30 June 2019Valuation movement for the quarterValuation movement for the quarter £ million£ million % Industrial93.88(0.25)(0.27) Office43.210.000.00 Other30.020.000.00 Retail29.45(0.80)(2.64) Total 196.56(1.05)(0.53) While the income profile of the portfolio remains strong, valuations have suffered in the retail sector, partly due to the wider economic environment, but largely due to structural changes causing a mismatch of demand and supply in many areas of the retail market. As shown above, our office and alternatives valuations have remained flat for the quarter, while the valuation of industrials has seen a small decrease and our retail valuations have fallen more significantly. Our retail valuation movement reflects the continued struggles of the sector as a whole. However, we consider the portfolio to be defensively positioned, with retail making up just 15.0% of the portfolio valuation. Our income streams from retail assets have also remained relatively unaffected amongst an environment of company failures and CVAs.We are encouraged by the results of the Company, both for the year ended 31 March 2019, which were released on 24 June 2019, and for the quarter ended 30 June 2019. Both demonstrate the reliable income stream of the portfolio, allowing the Company to consistently achieve its target dividend of 8.00 pps per annum over the respective periods. We feel that this portfolio forms a strong base from which to grow further and we hope to be able to capitalise on attractive opportunities in the market by raising additional capital under our placing programme." Net Asset Value The Company's unaudited NAV as at 30 June 2019 was £148.33 million, or 97.87 pence per share. This reflects a decrease of 0.76% compared with the NAV as at 31 March 2019. The Company's NAV total return, which includes the interim dividend for the period from 1 January 2019 to 31 March 2019 of 2.00 pence per share, is 1.28% for the three month period ended 30 June 2019. As at 30 June 2019, the Company owned investment properties with a fair value of £196.56 million. Pence per share £ million NAV at 1 April 201998.61149.46 Capital expenditure(0.11)(0.16) Valuation change in property portfolio(0.85)(1.29) Valuation change in derivatives(0.03)(0.05) Income earned for the period2.934.43 Expenses and net finance costs for the period(0.68)(1.03) Interim dividend paid(2.00)(3.03) NAV at 30 June 201997.87148.33 The NAV attributable to the ordinary shares has been calculated under International Financial Reporting Standards and incorporates the independent portfolio valuation as at 30 June 2019 and income for the period, but does not include a provision for the interim dividend for the three month period to 30 June 2019. Dividend The Company today announces an interim dividend of 2.00 pence per share for the period from 1 April 2019 to 30 June 2019. The dividend payment will be made on 30 August 2019 to shareholders on the register as at 9 August 2019. The ex-dividend date will be 8 August 2019. The dividend of 2.00 pence per share will be designated 1.50 pence per share as an interim property income distribution ("PID") and 0.50 pence per share as an interim ordinary dividend ("non-PID"). The EPRA EPS for the three month period to 30 June 2019 was 2.25 pence (31 March 2019: 1.99 pence). This increase is partly attributable to one-off costs equating to 0.12 pps having been recognised in the prior quarter. Rental income also increased by 0.07 pps this quarter, due to rent reviews coming into effect and due to a full quarter's income from the most recent acquisition of Lockwood Court, Leeds, being recognised. The Directors will declare dividends taking into account the level of the Company's net income and the Directors' view on the outlook for sustainable recurring earnings. As such, the level of dividends paid may increase or decrease from the current annual dividend of 8.00 pence per share. Based on current market conditions, the Company expects to pay an annualised dividend of 8.00 pence per share in respect of the financial period ending 31 March 2020. Investors should note that this target is for illustrative purposes only, based on current market conditions and is not intended to be, and should not be taken as, a profit forecast or estimate. Actual returns cannot be predicted and may differ materially from this illustrative figure. There can be no assurance that the target will be met or that any dividend or total return will be achieved. Financing EquityThe Company's issued share capital consists of 151,558,251 Ordinary Shares and there was no movement during the quarter. DebtThe Company's borrowings remained at £50.00 million throughout the quarter and at 30 June 2019, the Company was geared at a gross loan to value of 25.44% and a net loan to value of 24.67%. The loan continues to attract interest at LIBOR + 1.4%. To mitigate the interest rate risk that arises as a result of entering into a variable rate linked loan, the Company has entered into interest rate caps on £36.51 million of the total value of the loan (£26.51 million at 2.5% cap rate and £10.00 million at 2.0% cap rate) up to October 2020, resulting in the loan being 73% hedged. The loan term runs to October 2023 and the Company has entered into additional interest rate caps covering the period from October 2020 to October 2023, capping a notional value of £46.51 million at LIBOR of 2.0% per annum, which represents 93% of the current £50.00 million loan balance. The Investment Manager and the Company will keep the levels of gearing and hedging under review. Portfolio activity and asset managementBrockhurst Crescent, WalsallThe Company has exchanged contracts on the surrender and re-letting of Unit 1, Brockhurst Crescent, Walsall. The rent will be unchanged at £231,728 and the new tenant will benefit from a nine month rent free period. The new term will be for eight years, compared with 3.15 years remaining on the previous lease. Clarke Road, Milton KeynesA rent review was agreed and documented in March 2019, increasing the rent from £134,000 per annum (£4.75 per sq ft) to £185,000 per annum (£5.15 per sq ft). Enquiries AEW UK Alex Shortalex.short@eu.aew.com +44(0) 20 7016 4848 Nicki Gladstonenicki.gladstone-ext@eu.aew.com +44(0) 7711 401 021 Company Secretary Link Company Matters Limitedaewu.cosec@linkgroup.co.uk +44(0) 1392 477 500 TB CardewAEW@tbcardew.com Ed Orlebar+44 (0) 20 7002 1482 Lucas Bramwell+44 (0) 7789 374 663 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 £51m. 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 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 EUR67.6bn of assets under management as at 31 March 2019. 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 2019, AEW Group managed EUR31.8bn of real estate assets on behalf of a number of funds and separate accounts with over 400 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 * * * ISIN: GB00BWD24154 Category Code: MSCM TIDM: AEWU LEI Code: 21380073LDXHV2LP5K50 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 14662 EQS News ID: 846903 End of Announcement EQS News Service

  • EQS Group

    AEW UK REIT plc: Publication of a Supplementary Prospectus

    AEW UK REIT plc (AEWU) 11-Jul-2019 / 12:50 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA. 11 July 2019 AEW UK REIT PLC ("AEW UK REIT" or the "Company") The Company has today published a supplementary prospectus (the "Supplementary Prospectus") approved by the UK Listing Authority. The publication of the Supplementary Prospectus is a regulatory requirement under the Prospectus Rules following the publication of the Company's annual report and audited accounts for the financial year from 1 April 2018 to 31 March 2019. The Supplementary Prospectus is supplemental to, and should be read in conjunction with, the prospectus published by the Company on 1 March 2019 (the "Prospectus") in connection with a 12-month share issuance programme of up to 250 million new Ordinary Shares ("Ordinary Shares"); and up to 250 million convertible redeemable preference shares ("C Shares"). A copy of the Supplementary Prospectus has been submitted to the National Storage Mechanism ("NSM") and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM. Copies of the Supplementary Prospectus will also be available under Investor Documents at http://www.aewukreit.com/. Neither the NSM website nor the Company's website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement. Terms used but not defined in this announcement shall have the meanings given to such terms in the Prospectus. Enquiries: AEW UK Alex Shortalex.short@eu.aew.com Laura Elkin+44(0) 207 016 4880 laura.elkin@eu.aew.com+44(0) 771 140 1021 Liberum Capital Gillian Martin / Owen Matthews +44(0) 20 3100 2000 Company Secretary Link Company Matters Limitedaewu.cosec@linkgroup.co.uk +44(0) 1392 477500 Media EnquiriesTB Cardew (Financial PR advisor)Ed OrlebarTom AllisonLucy Featherstone aew@tbcardew.com+44(0) 7738 724 630+44(0) 7789 998 020+44(0) 7789 374 663 Notes to Editors LEI: 21380073LDXHV2LP5K50 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 £10 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 £51m. 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 just over EUR65.4bn of assets under management globally as at 31 December 2018. The AEW Group comprises AEW SA in Europe and AEW Capital Management L.P. in the US and their respective subsidiaries as well as AEW UK Investment Management LLP. In Europe, as at 31 December 2018, AEW Group managed EUR31.4bn in value in properties of all types located in 16 countries, with over 400 staff located in 9 offices. The Investment Manager is a 50:50 joint venture between the principals of the Investment Manager and AEW. * * * ISIN: GB00BWD24154 Category Code: PSP TIDM: AEWU LEI Code: 21380073LDXHV2LP5K50 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 13102 EQS News ID: 839935 End of Announcement EQS News Service

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  • EQS Group

    Holding(s) in Company

    AEW UK REIT plc (AEWU) 12-Jun-2019 / 16:54 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:AEW UK REIT Plc 1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) Non-UK issuer 2\. Reason for the notification (please mark the appropriate box or boxes with an "X") An acquisition or disposal of voting rightsx An acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify): 3\. Details of person subject to the notification obligation NameQuilter plc City and country of registered office (if applicable)London, UK 4\. Full name of shareholder(s) (if different from 3.) Name City and country of registered office (if applicable) 5\. Date on which the threshold was crossed or reached:11/06/2019 6\. Date on which issuer notified (DD/MM/YYYY):12/06/2019 7\. Total positions of person(s) subject to the notification obligation % of voting rights attached to shares (total of 8. A)% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)Total of both in % (8.A + 8.B)Total number of voting rights of issuer Resulting situation on the date on which threshold was crossed or reachedBelow notifiable thresholdBelow notifiable thresholdBelow notifiable threshold151,558,251 Position of previous notification (if applicable)7.31%0.00%7.31% 8\. Notified details of the resulting situation on the date on which the threshold was crossed or reached A: Voting rights attached to shares Class/type of sharesISIN code (if possible)Number of voting rights% of voting rights Direct(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1)Direct(Art 9 of Directive 2004/109/EC) (DTR5.1)Indirect(Art 10 of Directive 2004/109/EC) (DTR5.2.1) GB00BWD24154 Below notifiable threshold Below notifiable threshold SUBTOTAL 8. ABelow notifiable thresholdBelow notifiable threshold B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Type of financial instrumentExpiration dateExercise/ Conversion PeriodNumber of voting rights that may be acquired if the instrument is exercised/converted.% of voting rights SUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Type of financial instrumentExpiration dateExercise/ Conversion PeriodPhysical or cash settlementNumber of voting rights % of voting rights SUBTOTAL 8.B.2 9\. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X") Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary)x Name% of voting rights if it equals or is higher than the notifiable threshold% of voting rights through financial instruments if it equals or is higher than the notifiable thresholdTotal of both if it equals or is higher than the notifiable threshold Quilter plc Quilter Cheviot LimitedBelow notifiable thresholdBelow notifiable thresholdBelow notifiable threshold 10\. In case of proxy voting, please identify: Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 11\. Additional information Place of completionLondon, UK Date of completion12/06/2019 * * * ISIN: GB00BWD24154 Category Code: HOL TIDM: AEWU LEI Code: 21380073LDXHV2LP5K50 OAM Categories: 2.3. Major shareholding notifications Sequence No.: 9954 EQS News ID: 823573 End of Announcement EQS News Service

  • EQS Group

    AEWU presenting at Mello event 15/5/19

    AEW UK REIT plc (AEWU) 14-May-2019 / 16:49 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *14 May 2019 AEWU to present at Mello Trusts and Funds conference, 15th May 2019 AEW UK REIT plc (the "Company" or "AEWU") is pleased to announce the Company will be presenting at the Mello Trusts and Funds conference on Wednesday 15th May at 10.20am and 2.20pm, at the Clayton Conference Centre, Chiswick, London. The Company will be also be hosting a stand for the day and the Company's Investment Manager, AEW UK Investment Management LLP, will be participating in the REIT panel discussion at 12.40pm. For further information on the Mello Trusts and Funds conference, please visit the event website at https://melloevents.com/trusts-funds/. Enquiries AEW UK Alex Shortalex.short@eu.aew.com +44(0) 20 7016 4848 Nicki Gladstonenicki.gladstone-ext@eu.aew.com +44(0) 7711 401 021 TB Cardew Ed Orlebared.orlebar@tbcardew.com T: 07738 724 630 Lucas Bramwelllucas.bramwell@tbcardew.com T: 07939 694437 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 £10 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 £51m. 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. According to The Association of Investment Companies, as at 5 May 2019, AEWU was the highest yielding UK REIT, at 8.4%*. www.aewukreit.com *The Association of Investment Companies 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 just over EUR65.4bn of assets under management as at 31 December 2018. 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 2018, AEW Group managed EUR31.4bn in value in properties of all types located in 16 countries, with over 400 staff located in 9 offices. The Investment Manager is a 50:50 joint venture between the principals of the Investment Manager and AEW. www.aewuk.co.uk * * * ISIN: GB00BWD24154 Category Code: MSCM TIDM: AEWU LEI Code: 21380073LDXHV2LP5K50 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 8634 EQS News ID: 811223 End of Announcement EQS News Service

  • EQS Group

    NAV Update and Dividend Declaration

    AEW UK REIT plc (AEWU) 26-Apr-2019 / 07:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *26 April 2019 NAV Update and Dividend Declaration for the three months to 31 March 2019 AEW UK REIT plc (LSE: AEWU) ("the Company"), which, as at 26 April 2019, directly owns a diversified portfolio of 35 regional UK commercial property assets, announces its unaudited Net Asset Value ("NAV") and interim dividend for the three month period ended 31 March 2019. Highlights * At 31 March 2019, the fair value independent valuation of the property portfolio was £197.61 million (31 December 2018: £192.66 million), following the acquisition of Lockwood Court, Leeds, and the sale of Waggon Road, Mossley, during the quarter. On a like-for-like basis the valuation of the property portfolio decreased by £1.75 million (0.91%) over the quarter (31 December 2018: increase of £1.03 million and 0.53%). * NAV of £149.46 million or 98.61 pence per share (31 December 2018: £152.12 million or 100.37 pence per share). * EPRA earnings per share ("EPRA EPS") for the quarter of 1.99 pence per share (31 December 2018: 1.98 pence per share). * The Company today announces an interim dividend of 2.00 pence per share for the three months ended 31 March 2019, in line with the targeted annual dividend of 8.00 pence per share. * Shareholder total return of 5.6% for the three months ended 31 March 2019. * The Company remains conservatively geared with a gross loan to value ratio of 25.30% (31 December 2018: 25.95%). * At 31 March 2019, the Company held £1.84 million cash for investment which will be held for future capex projects. * Portfolio and asset management activity during the period included: * The acquisition of Lockwood Court, Parkside Industrial Estate, Leeds, for a net purchase price of £6.93 million. The 187,794 sq ft warehouse asset is fully let to LWS Yorkshire Ltd, a logistics and storage provider for Harrogate Spring Water, on a 10 year lease from October 2018. * The disposal of Waggon Road, Mossley, for gross proceeds of £450,000, ahead of the most recent valuation of £350,000. Alex Short, Portfolio Manager, AEW UK REIT, commented:"The first quarter of 2019 has seen the Company's EPRA EPS figure increase slightly to 1.99 pence per share, as the portfolio's income stream remains stable and the vacancy level remains low at 2.99% by ERV. Whilst it had been hoped that the first quarter of 2019 would have removed some element of political uncertainty, the Brexit deadline has been extended to 31 October 2019 which is expected to hinder UK economic growth and investment. It is hoped that the extension has eliminated the possibility of a 'no deal' outcome which would likely have had a significant negative impact on the UK property market. We think that the portfolio is well positioned to mitigate the risks in the wider economy, having no exposure to the Central London Office Market. However, the well-publicised headwinds facing the retail sector mean that the Company's property portfolio has seen a like-for-like decrease in valuation over the quarter, albeit the overall impact is relatively low given the Company's limited exposure to the retail market.The like-for-like valuation decrease for the quarter of £1.75 million (0.91%) is detailed as follows by sector: SectorValuation 31 March 2019Valuation movement for the quarterValuation movement for the quarter £ million£ million % Industrial94.130.200.23 Office43.210.000.00 Other30.02(0.30)(0.99) Retail30.25(1.65)(5.17) Total 197.61(1.75)(0.91) The Company's industrial assets continue to perform relatively well and make up 47.6% of the portfolio valuation as at 31 March 2019. We continue to see attractive opportunities in the industrial sector, as evidenced by the acquisition of Lockwood Court, Leeds, during the quarter. We hope to take advantage of further opportunities in industrials, subject to cash becoming available for investment. The Company also profited on the disposal of one of its smaller industrial assets during the quarter. Waggon Road, Mossley, was sold at auction for gross proceeds of £450,000 compared with its most recent valuation of £350,000. Although the Company's retail assets have reduced in valuation, we believe that our downside risk is limited by the strong alternative use values and asset management options, as most of these assets are located in town and city centre locations with large catchment populations. This is in addition to the fact that the Company has relatively low overall exposure to retail, as it makes up 15.3% of the portfolio valuation. Whilst we have a low level of vacancy in the portfolio, we expect to continue adding value through an active approach to asset management. The portfolio has a weighted average unexpired lease term of 4.9 years to break and over £2 million of passing rent reaching a lease event within the next 12 months. This will allow the opportunity to negotiate higher rents and boost the income profile of the portfolio. We continue to see attractive opportunities across our target sectors and look forward to raising additional capital under our placing programme to pursue those opportunities as and when market conditions allow." Net Asset Value The Company's unaudited NAV as at 31 March 2019 was £149.46 million, or 98.61 pence per share. This reflects a decrease of 1.75% compared with the NAV as at 31 December 2018. The Company's NAV total return, which includes the interim dividend for the period from 1 January 2019 to 31 March 2019 of 2.00 pence per share, is 0.24% for the three month period ended 31 March 2019. As at 31 March 2019, the Company owned investment properties with a fair value of £197.61 million. Pence per share £ million NAV at 1 January 2019100.37152.12 Portfolio acquisition costs(0.29)(0.44) Profit on disposal of investment properties0.060.09 Capital expenditure(0.01)(0.01) Valuation change in property portfolio(1.35)(2.04) Valuation change in derivatives(0.16)(0.24) Income earned for the period2.864.32 Expenses and net finance costs for the period(0.87)(1.32) Interim dividend paid(2.00)(3.03) NAV at 31 March 201998.61149.46 The NAV attributable to the ordinary shares has been calculated under International Financial Reporting Standards and incorporates the independent portfolio valuation as at 31 March 2019 and income for the period, but does not include a provision for the interim dividend for the three month period to 31 March 2019. Dividend The Company today announces an interim dividend of 2.00 pence per share for the period from 1 January 2019 to 31 March 2019. The dividend payment will be made on 31 May 2019 to shareholders on the register as at 10 May 2019. The ex-dividend date will be 9 May 2019. The dividend of 2.00 pence per share will be designated 2.00 pence per share as an interim property income distribution ("PID"). The EPRA EPS for the three month period to 31 December 2018 was 1.99 pence (31 December 2018: 1.98 pence). Excluding one-off costs relating to the issue of the Company's Prospectus, the underlying EPRA EPS was 2.11 pence per share, compared with an underlying EPRA EPS of 2.05 pence per share for the quarter to 31 December 2018. The Directors will declare dividends taking into account the level of the Company's net income and the Directors' view on the outlook for sustainable recurring earnings. As such, the level of dividends paid may increase or decrease from the current annual dividend of 8.00 pence per share. Based on current market conditions, the Company expects to pay an annualised dividend of 8.00 pence per share in respect of the financial period ending 31 March 2020. Investors should note that this target is for illustrative purposes only, based on current market conditions and is not intended to be, and should not be taken as, a profit forecast or estimate. Actual returns cannot be predicted and may differ materially from this illustrative figure. There can be no assurance that the target will be met or that any dividend or total return will be achieved. Financing EquityThe Company's issued share capital consists of 151,558,251 Ordinary Shares and there was no movement during the quarter. DebtThe Company's borrowings remained at £50.00 million throughout the quarter and at 31 March 2019, the Company was geared at a gross loan to value of 25.30% and a net loan to value of 24.37%. The loan continues to attract interest at LIBOR + 1.4%. To mitigate the interest rate risk that arises as a result of entering into a variable rate linked loan, the Company has entered into interest rate caps on £36.51 million of the total value of the loan (£26.51 million at 2.5% cap rate and £10.00 million at 2.0% cap rate) up to October 2020, resulting in the loan being 73% hedged. The Investment Manager and the Company will keep the levels of gearing and hedging under review. The loan term runs to October 2023 and the Company has entered into additional interest rate caps covering the period from October 2020 to October 2023, capping a notional value of £46.51 million at LIBOR of 2.0% per annum, which represents 90% of the current £50.00 million loan balance. Portfolio activity and asset managementLockwood Court, LeedsIn February 2019, the Company acquired an industrial asset, Lockwood Court, Parkside Industrial Estate, Leeds, for a purchase price of £6.93 million. The 187,794 sq ft warehouse asset is fully let to LWS Yorkshire Ltd, a logistics and storage provider for Harrogate Spring Water on a ten year lease from October 2018. The lease provides a low passing rent of £3.22 per sq ft which, together with tight supply, forms a strong base for future potential rental growth. Located two miles south of Leeds City Centre and close to J25 of the M62 and J40 of the M1, Parkside Industrial Estate is a well-established industrial and commercial area with a history of attracting regional and national occupiers. Waggon Road, MossleyIn March 2018, the Company completed the disposal of Waggon Road, Mossley, for a price of £450,000, ahead of the most recent valuation of £350,000. LEI: 21380073LDXHV2LP5K50 Enquiries AEW UK Alex Shortalex.short@eu.aew.com +44(0) 20 7016 4848 Nicki Gladstonenicki.gladstone-ext@eu.aew.com +44(0) 7711 401 021 Company Secretary Link Company Matters Limitedaewu.cosec@linkgroup.co.uk T: +44(0) 1392 477500 TB Cardew Ed Orlebared.orlebar@tbcardew.com T: 07738 724 630 Lucy Featherstonelucy.featherstone@tbcardew.com T: +44 (0) 20 7002 1482 M: +44 (0) 7789 374 663 Liberum Capital Gillian Martin/Owen MatthewsT: +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 £10 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 £51m. 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 just over EUR65.4bn of assets under management globally as at 31 December 2018\. The AEW Group comprises AEW SA in Europe and AEW Capital Management L.P. in the US and their respective subsidiaries as well as AEW UK Investment Management LLP. In Europe, as at 31 December 2018, AEW Group managed EUR31.4bn in value in properties of all types located in 16 countries, with over 400 staff located in 9 offices. The Investment Manager is a 50:50 joint venture between the principals of the Investment Manager and AEW. * * * ISIN: GB00BWD24154 Category Code: MSCH TIDM: AEWU LEI Code: 21380073LDXHV2LP5K50 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 8365 EQS News ID: 803661 End of Announcement EQS News Service

  • EQS Group

    AEW UK REIT plc: Director/ PDMR Shareholding

    AEW UK REIT plc (AEWU) 15-Apr-2019 / 14:42 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. * * *AEW UK REIT PLC Notification of Transactions by Persons Discharging Managerial Responsibilities ("PDMRs") and Persons Closely Associated ("PCA") with them1.Details of PDMR/PCA a)NameBim Sandhu 2.Reason for the notification a)Position / status Non-Executive Director b)Initial notification / amendmentInitial Notification 3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a)NameAEW UK REIT plc b)LEI21380073LDXHV2LP5K50 4.Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument Ordinary Shares of £0.01 each Identification CodeISIN: GB00BWD24154 b)Nature of the transactionPurchase of shares c) Price(s) and volume(s)Price(s)Volume(s) 90.7300p 100,000 d)Aggregated information Aggregated volume Price N/A e) Date of the transaction12 April 2019 f)Place of the transaction London Stock Exchange (XLON) For further information, please contact: Link Company Matters Limited01392 477500 Company Secretary * * * ISIN: GB00BWD24154 Category Code: DSH TIDM: AEWU LEI Code: 21380073LDXHV2LP5K50 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 8208 EQS News ID: 800055 End of Announcement EQS News Service

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