REG - AEW UK REIT PLC - Sale of 225 Bath Street, Glasgow

Aew UK ReitAnnouncement

22/08/2022 07:00

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RNS Number : 6950W  AEW UK REIT PLC  22 August 2022

22 August 2022

 

AEW UK REIT Plc

 

Sale of 225 Bath Street, Glasgow

 

 

AEW UK REIT plc (LSE: AEWU) ("AEWU" or the "Company") is pleased to announce
that it has now completed on the sale of its holding at 225 Bath Street,
Glasgow for the price of £9,300,000.

The sale realises a long-term change of use strategy for the asset with
contracts for the sale having been exchanged with a subsidiary company of IQ
Student Accommodation in October 2020. As stated in AEWU's announcement on 11
February 2022, planning consent has been gained by IQ for the demolition of
the property and development of a 527-unit student accommodation scheme.

The sale agreement required AEWU to negotiate with tenants to bring the asset
to vacancy and, as a result, following its sale the occupancy rate for AEWU's
remaining portfolio will increase to 91.60% from 86.97% as at 30 June 2022.
Reinvestment of the sale proceeds into pipeline assets under exclusivity is
expected to provide a significant boost to the Company's earnings due to both
higher levels of anticipated income receipts and lower running costs.

Laura Elkin, Portfolio Manager, AEW UK REIT plc, commented: "As the
culmination of a long running business plan, we are delighted to see this sale
complete.  The disposal not only maximises the value of the asset but will
increase occupancy levels across the remaining portfolio, reduce running costs
and boost earnings, once capital is reinvested.  The proceeds from the sale
are already under offer to assets in exclusivity and, as such, we expect to
make further purchase announcements in the coming weeks."

ENDS

 

 Enquiries
 AEW UK
 Laura Elkin                     laura.elkin@eu.aew.com (mailto:laura.elkin@eu.aew.com)
                                 +44(0) 7917 058 337
 Henry Butt                      henry.butt@eu.aew.com (mailto:henry.butt@eu.aew.com)
                                 +44(0) 7920 499 076
 Nicki Gladstone                 nicki.gladstone-ext@eu.aew.com (mailto: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                       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

 

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

 

LEI: 21380073LDXHV2LP5K50

 

About AEW UK Investment Management LLP

 

AEW UK Investment Management LLP employs a well-resourced team comprising 28
individuals covering investment, asset management, operations and strategy. It
is part of AEW Group, one of the world's largest real estate managers, with
€88.2bn of assets under management as at 31 December 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 31 December 2021,
AEW Group managed €38.5bn of real estate assets on behalf of a number of
funds and separate accounts with over 450 staff located in 12 locations. In
May 2019, AEW UK Investment Management LLP was awarded Property Manager of the
Year at the Pensions and Investment Provider Awards.

 

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