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AEW UK Long Lease REIT buys Motorpoint showroom

19 Dec 2017 10:17

RNS Number : 7800Z
AEW UK Long Lease REIT PLC
19 December 2017
 

19 December 2017

AEW UK Long Lease REIT acquires Birmingham car showroom for £8m

AEW UK Long Lease REIT plc ("the Company") is pleased to announce the acquisition of Motorpoint Birmingham for £8m. The acquisition reflects a net initial yield of 5.85%.

The showroom is located on Lichfield Road, 2 miles north of Birmingham City Centre. The prominent 68,002 sq ft site is let to Motorpoint, the UK's largest independent used vehicle retailer. It comprises a modern, detached two storey vehicle dealership with three large showrooms, as well as a 1.69 acre compound to store 350 cars. The property provides a weighted average unexpired lease term of 19.6 years to expiry and has RPI linked reviews.

Alex Short, Director of AEW UK Investment Management LLP, and Portfolio Manager of the Company said: "We are delighted to have completed this acquisition, further broadening the diversity of our investments. We continue to look for opportunities to create shareholder value through targeting alternative property sectors."

The transaction increases the total amount invested by AEW UK Long Lease REIT plc since listing to £49m. In addition to this, the Manager has a further 13 assets under offer and expects to make additional announcements in the coming weeks.

AEW UK Long Lease REIT plc raised £80.5m from institutional and retail investors at its IPO in June and at that time it stated its expectation to substantially invest the net proceeds within nine months of listing. The Company is targeting an annual dividend of 5.5 pence per share paid quarterly, once fully invested and levered, with an ambition to grow in line with UK inflation (RPI or CPI) thereafter.

The Company entered the REIT regime with effect from 13 October 2017 following the submission of the application to HM Revenue and Customs.

ENDS

 

About AEW UK Long Lease REIT

AEW UK Long Lease REIT plc (LSE: AEWL) aims to generate a sustainable, secure and predictable income return, whilst at least maintaining capital values in real terms, by investing in a diversified portfolio of UK properties, with an attractive entry yield, predominately in alternative and specialist sectors. It will invest in a diverse range of sectors that are underrepresented in institutional portfolios including leisure, healthcare, education, hotels, student accommodation, supported living and automotive. At its IPO on 6 June 2017, AEWL raised £80.5m from institutional and retail investors. At least 85% of gross passing rent from the portfolio's leases will contain inflation-linked rent reviews, and average initial unexpired leases in excess of 18 years at the time of investment.

About AEW UK Investment Management LLP

The Investment Manager AEW UK Investment Management LLP is a 50:50 joint venture between the principals of the Investment Manager and AEW. It employs a well-resourced team comprising 25 individuals covering investment, asset management, operations and strategy. It is part of AEW Group, one of the world's largest real estate managers, with €57 billion of assets under management as at 30 September 2017. 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 2017, AEW Group managed €26.6 billion in value in properties of all types located in 15 countries, with close to 400 staff.

AEW UK

Alex Short

alex.short@eu.aew.com

 

 

Laura Elkin

+44(0) 207 016 4880

 

laura.elkin@eu.aew.com

 

 

Nicki Gladstone

+44(0) 207 016 4869

 

Nicki.Gladstone-ext@eu.aew.com

 

+44(0) 771 140 1021

 

Company Secretary

 

Link Company Matters Limited

aewl-cosec@linkgroup.co.uk

+44(0) 139 247 7509

 

Temple Bar Advisory

Ed Orlebar

Tom Allison

Lucy Featherstone

 

aew@templebaradvisory.com

+44(0) 7738 724 630

+44(0) 7789 998 020

+44(0) 7789 374 663

 

 

About AEW Europe

AEW is one of the world's largest real estate asset managers, with over €57bn of assets under management as at 30 September 2017. AEW has over 600 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 Global Asset Management, one of the largest asset managers in the world.

As at 30 September 2017, AEW managed €26.6bn of real estate assets in Europe on behalf of a number of funds and separate accounts. AEW has close to 400 employees based in 10 offices 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 €17.5bn of real estate across European markets.

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Date   Source Headline
14th Jun 201911:49 amRNSForm 8.3 - AEW UK Long Lease REIT plc
14th Jun 20198:50 amRNSForm 8.5 (EPT/NON-RI)
13th Jun 201912:31 pmRNSForm 8.3 - AEW UK Long Lease REIT plc
13th Jun 20199:16 amRNSForm 8.3 - AEW UK Long Lease REIT PLC
13th Jun 20199:11 amRNSForm 8.5 (EPT/NON-RI)
12th Jun 20194:29 pmRNSForm 8.3 - AEW UK Long Lease REIT PLC
12th Jun 201912:39 pmRNSForm 8.3 - AEW UK Long Lease REIT Plc
12th Jun 201911:08 amRNSForm 8.3 - AEW UK Long Lease REIT
11th Jun 201912:56 pmRNSForm 8.3 - AEW UK Long Lease REIT Plc
11th Jun 201910:32 amRNSForm 8.3 - AEW UK Long Lease REIT PLC
11th Jun 20199:30 amRNSForm 8.5 (EPT/NON-RI)
10th Jun 201912:26 pmRNSForm 8.3 - AEW UK Long Lease REIT Plc
10th Jun 201910:18 amRNSForm 8.3 - AEW UK Long Lease REIT PLC
10th Jun 20199:36 amRNSForm 8.5 (EPT/NON-RI)
5th Jun 201910:18 amRNSForm 8.3 - AEW UK Long Lease REIT plc
5th Jun 20199:09 amRNSForm 8.5 (EPT/NON-RI)
4th Jun 20199:11 amRNSForm 8.5 (EPT/NON-RI)
31st May 20191:08 pmRNSForm 8.3 - AEW UK Long Lease REIT plc
31st May 201912:20 pmRNSForm 8.3 - AEW UK Long Lease REIT Plc
31st May 201911:18 amRNSForm 8.3 - AEW UK Long Lease REIT Plc
31st May 20198:42 amRNSForm 8.5 (EPT/NON-RI)
30th May 20198:47 amRNSForm 8.5 (EPT/NON-RI)
29th May 20191:20 pmRNSForm 8.3 - AEW UK Long Lease REIT Plc
29th May 201912:30 pmRNSForm 8.3 - AEW UK Long Lease REIT Plc
29th May 201911:48 amRNSForm 8.3 - AEW UK Long Lease REIT Plc
29th May 20198:55 amRNSForm 8.5 (EPT/NON-RI)
28th May 20199:36 amRNSForm 8.5 (EPT/NON-RI)
24th May 20195:52 pmRNSHolding(s) in Company
24th May 201910:30 amRNSForm 8.3 - AEW UK Long Lease REIT Plc
23rd May 20191:29 pmRNSForm 8.3 - AEW UK Long Lease REIT Plc
23rd May 20199:04 amRNSForm 8.5 (EPT/NON-RI)
22nd May 20195:12 pmRNSMeridian Metals and NAV Update
22nd May 201911:51 amRNSForm 8.5 (EPT/NON-RI)
21st May 20199:12 amRNSForm 8.5 (EPT/NON-RI)
20th May 20199:20 amRNSForm 8.5 (EPT/NON-RI)
17th May 201911:22 amRNSDirector Declaration
17th May 201911:15 amRNSForm 8.3 - AEW UK Long Lease REIT Plc
17th May 201910:30 amRNSForm 8.3 - AEW UK Long Lease REIT Plc
17th May 201910:12 amRNSForm 8.3 - AEW UK Long Lease REIT Plc
17th May 20199:14 amRNSForm 8.5 (EPT/NON-RI)
16th May 201912:49 pmRNSForm 8.3 - AEW UK Long Lease REIT plc
16th May 201912:00 pmRNSForm 8.3 - AEW UK Long Lease REIT Plc
16th May 20198:56 amRNSForm 8.5 (EPT/NON-RI)
15th May 201912:30 pmRNSForm 8.3 - AEW UK Long Lease REIT Plc
15th May 20199:36 amRNSForm 8.5 (EPT/NON-RI)
14th May 201912:18 pmRNSHolding(s) in Company
14th May 201911:58 amRNSForm 8.3 -AEW UK Long Lease REIT Plc
14th May 201911:15 amRNSForm 8.3 - AEW UK Long Lease REIT Plc
14th May 20199:34 amRNSForm 8.3 - AEW UK Long Lease REIT Plc
14th May 20199:12 amRNSForm 8.5 (EPT/NON-RI)

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