REG-AEW UK REIT plc AEW UK REIT plc: Planning consent granted for Glasgow asset allowing for completion of sale

Aew UK ReitAnnouncement

11/02/2022 07:05

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   AEW UK REIT plc (AEWU)
   AEW UK REIT plc: Planning consent granted for Glasgow asset allowing for
   completion of sale

   11-Feb-2022 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   11 February 2022

                                        

                                AEW UK REIT Plc

   Planning consent granted for Glasgow asset allowing for completion of sale

                                        

   AEW UK  REIT plc  (LSE:  AEWU) ("AEWU"  or  the "Company") is  pleased  to
   announce that planning  consent has  been granted for  the demolition  and
   development of a 527-unit student accommodation scheme at 225 Bath  Street
   in Glasgow city  centre. This follows  the exchange of  contracts for  the
   sale of the site with a subsidiary company of IQ Student Accommodation  in
   October 2020. The sale  of 225 Bath Street  is expected to complete  after
   the standard 3-month judicial review period.

   Once the sale has completed, the  occupancy rate for AEWU's portfolio  (as
   of 31 December 2021) will improve to 93.08%, from 88.98%.

   Alex Short, Portfolio  Manager, AEW UK REIT plc,  commented: "This is  the
   realisation of a long-term asset management strategy for our office  asset
   in Glasgow. Following  its sale,  which has been  conditional on  planning
   consent, we will  see an  increase in  the portfolio's  occupancy rate,  a
   reduction in overheads and new capital for further investment."

    

    

   Enquiries                       
   AEW UK                          
   Alex Short                      1 alex.short@eu.aew.com
                                  +44(0) 20 7016 4848
                                   
   Nicki Gladstone                 2 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                       3 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  £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. 

    

    4 www.aewukreit.com

    

   LEI: 21380073LDXHV2LP5K50

    

   About AEW UK Investment Management LLP

    

   AEW UK Investment Management LLP employs a well-resourced team  comprising
   29 individuals  covering  investment,  asset  management,  operations  and
   strategy. It is part of AEW Group, one of the world's largest real  estate
   managers, with €77.4bn of assets under management as at 30 September 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 30 September 2021, AEW Group managed €36.8bn of real  estate
   assets on behalf of a number of funds and separate accounts with over  440
   staff located in 9 offices.

    5 www.aewuk.co.uk

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   ISIN:          GB00BWD24154
   Category Code: MSCL
   TIDM:          AEWU
   LEI Code:      21380073LDXHV2LP5K50
   Sequence No.:  142359
   EQS News ID:   1279357


    
   End of Announcement EQS News Service

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References

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