REG - BWP REIT PLC - 2023 Annual General Meeting Update

FTI ConsultingAnnouncement

31/03/2023 09:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230331:nRSe9169Ua&default-theme=true

RNS Number : 9169U  BWP REIT PLC  31 March 2023

31 March 2023

 

BWP REIT PLC

("BWP REIT" or the "Company")

2023 Annual General Meeting Update

 

BWP REIT PLC, the owner of Bridgewater Place, an office-led mixed use property
situated in a prime location in central Leeds, announces that at its Annual
General Meeting which is being held today at 10.30am at 3(rd) Floor, The
Monument Building, 11 Monument Street, London, EC3R 8AF, the Company's
chairman Edmund Craston, will provide the following update to shareholders.

 

Having been approved at the end of February 2023, the accounts for the year
ended 30 September 2022 have been published on the Company's website
www.bwpreit.com. These accounts relate to the period prior to the acquisition
of Bridgewater Place, the fundraising and subsequent Admission of BWP REIT on
16 November 2022 to IPSX, during which there was very little activity. As a
result, they do not reflect the current position of the Company.

 

Since Admission, a swap has been entered into for 50% of the Barclays senior
loan (totalling £36 million with a maturity of November 2024) at a swap rate
of 4.24%. The balance remains at a floating rate which gives the Company
additional flexibility in respect of refinancing.

 

M7, the Company's asset manager, is progressing various building projects as
part of the comprehensive asset management strategy to fully reposition the
property outlined in the Company's Admission Document. Further details will be
released with the interim results in May.

 

The Asset Manager has established contact and dialogue with all the commercial
occupiers, ensuring that they are informed of the proposals for the asset and
the upcoming works programme. We note that EY has signed a new lease at a new
office development in Leeds, following the expiry of its lease over the 4(th)
floor of Bridgewater Place on 9 May 2022. At this point in time, EY remains in
occupation at Bridgewater Place, is continuing to pay rent and no formal
request to vacate notice has been received by the Company.

 

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 M7 Real Estate Financial Services Ltd (AIFM)       (via FTI Consulting below)
 Richard Croft, David Ebbrell, Tony Edgley

 FTI Consulting (PR Adviser)                        Tel: 020 3727 1000
 Richard Sunderland, Eve Kirmatzis, Oliver Parsons  E: M7@FTIConsulting.com

Further information on the Company can be found on its website
www.bwpreit.com.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IPXGLGDXLUXDGXB