REG - AEW UK REIT PLC - Disposal of Industrial Holding in Deeside

Aew UK ReitAnnouncement

09/05/2023 07:15

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RNS Number : 6566Y  AEW UK REIT PLC  09 May 2023

9 May 2023

 

AEW UK REIT plc

 

Disposal of Industrial Holding in Deeside ahead of Valuation

 

 

AEW UK REIT plc (LSE: AEWU) ("AEWU" or the "Company") is pleased to announce
that it has completed the sale of its industrial holding at Deeside Industrial
Estate for £4,750,000, reflecting a capital value of circa £49 per sq ft.

The 96,597 sq ft industrial unit, known as Excel 95, was acquired in July 2017
for £4,310,000 (circa £45 per sq ft), reflecting a 7.9% net initial yield.
The property was let to Magellan Aerospace, until they vacated in July 2022,
paying a £250,000 dilapidations settlement. The Company has disposed of the
vacant asset to an owner-occupier, with the price reflecting a circa 8%
premium to the 31 March 2023 valuation. By disposing of the asset, the Company
has also avoided a speculative refurbishment project costing approximately £1
million.

Following completion of the sale, the Company will have approximately £9.6
million to deploy on an attractive pipeline of higher yielding assets, which
will be more accretive to the Company's earnings.

Laura Elkin, Portfolio Manager, AEW UK REIT plc, commented: "This disposal
is yet another example of our successful strategy in action. Rather than carry
out a lengthy refurbishment programme, we have taken the decision to recycle
capital into attractive assets from our pipeline, which are expected to
deliver a more accretive performance in the future. We expect to make further
announcements in this respect in the coming months."

ENDS

 

 Enquiries

 AEW UK
 Laura Elkin                     laura.elkin@eu.aew.com (mailto:laura.elkin@eu.aew.com)
                                 +44(0) 20 7016 4869
 Henry Butt                      henry.butt@eu.aew.com (mailto:henry.butt@eu.aew.com)

                                 +44(0) 20 7016 4855
 Nicki Gladstone                 nicki.gladstone@eu.aew.com (mailto:nicki.gladstone@eu.aew.com)
                                 +44(0) 7711 401 021

 Company Secretary               aewu.cosec@linkgroup.co.uk (mailto:aewu.cosec@linkgroup.co.uk)
 Link Company Matters Limited    +44(0) 1392 477 500

 TB Cardew                       aew@tbcardew.com (mailto:aew@tbcardew.com)
 Ed Orlebar                      +44 (0) 7738 724 630
 Tania Wild                      +44 (0) 7425 536 903
 Henry Crane                     +44 (0) 7918 207157

 Liberum Capital
 Darren Vickers / Owen Matthews  +44 (0) 20 3100 2000

 

 

 

 

 

Notes to Editors

 

About AEW UK REIT plc

 

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 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 UK Listing Authority and
admitted to trading on the Main Market of the London Stock Exchange on 12 May
2015. www.aewukreit.com (https://www.aewukreit.com/)

 

LEI: 21380073LDXHV2LP5K50

About AEW

AEW is one of the world's largest real estate asset managers, with €84.9bn
of assets under management as at 31 December 2022. AEW has over 850 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 Investment Managers, one of the largest asset managers in
the world.

As at 31 December 2022, AEW managed €38.5bn of real estate assets in Europe
on behalf of a number of funds and separate accounts. AEW has over 470
employees based in 12 locations 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 €21bn of real estate across European
markets.

www.aew.com (http://www.aew.com)

AEW UK Investment Management LLP is the Investment Manager.  AEW is a group
of companies which includes AEW Europe SA and its subsidiaries as well as
affiliated company AEW Capital Management, L.P. in North America and its
subsidiaries. AEW Europe SA, together with its subsidiaries AEW UK Investment
Management LLP, AEW S.à.r.l., AEW Invest GmbH and AEW SAS, is a European real
estate investment manager with headquarter offices in Paris and London. AEW
Europe SA and AEW Capital Management, L.P. are owned by Natixis Investment
Managers. Natixis Investment Managers is an international asset management
group based in Paris, France, that is principally owned by Natixis, a French
investment banking and financial services firm. Natixis is principally owned
by BPCE, France's second largest banking group.

 

 

 

 

 

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