REG - AEW UK LongLeaseREIT - Information on Meridian Metal Trading Ltd

Alternative Income REITAnnouncement

03/04/2019 10:15

RNS Number : 9890U
AEW UK Long Lease REIT PLC
03 April 2019
 


AEW UK Long Lease REIT plc ("AEWL" or "the Group")
LEI: 213800MPBIJS12Q88F71
Information on Meridian Metal Trading Ltd
 
3rd April 2019
AEW UK Long Lease REIT Plc notes the news that Meridian Metal Trading Ltd ("Meridian"), a tenant of the Group, has appointed Allan Graham and Matthew Ingram of Duff and Phelps as Joint Administrators.  
Meridian occupy two industrial assets within the AEWL portfolio located in Dudley, West Midlands and Sheffield. The annual passing rental income of £659,000 from Meridian, represented just under 10 per cent. of the Group's total annual rental income as at 31 December 2018.  All rent owed by Meridian to the Group has been fully paid to date including a payment made on 26 March for the quarter ending 24 June 2019.
As at 31 December 2018, the two properties were valued at £10.75 million, representing approximately 9.4 per cent. of AEWL's property portfolio.‎ The vacant value of the two properties as assessed by the Group's independent valuers, Knight Frank, is approximately £6.8 million.  AEW currently awaits further news in relation to whether a buyer of the business can be found and Joint Administrators advise that interested parties have been asked to come forward before close of business this Friday.  If not, then the vacant value position indicates an expected negative impact on the Group's NAV from this news of approximately 4 pence per share. If the properties do become vacant, the impact on AEWL earnings will also be negative.
Further announcements will be made as appropriate.
 




AEW UK Enquiries:
Alex Short
Laura Elkin


 
alex.short@eu.aew.com
laura.elkin@eu.aew.com




 


 




Cenkos Securities plc
Tom Scrivens
Sapna Shah


 
+44 (0)20 7397 1915
+44 (0)20 7397 1922




 


 




Media Enquiries
Nicki Gladstone


 
nicki.gladstone-ext@eu.aew.com




 


 




TB Cardew (Financial PR advisor)   
Ed Orlebar
Emma Crawshaw
Lucy Featherstone    


aew@tbcardew.com
+44 (0) 7738 724630
+44 (0) 7971 468 308
+44 (0) 7789 374663




 
 




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