AEW UK REIT PLC The loan attracts interest at SONIA + 1.4% and the Company's all-in interest rate as at 30 September 2021 was 1.47%.
To mitigate the risk of interest rates rising, the Company has interest rate caps effective for the remaining term of the loan to 23 October 2023, capping LIBOR at 1.0% on a notional value of GBP51.50 million. The interest rate caps will transition to SONIA on 31 December 2021.
Rent Collection
As of 18 October 2021, the Company had collected the following rental payments for the rental quarter commencing 29 September 2021 and for previous quarters since the onset of the COVID-19 pandemic, expressed as a percentage of the quarter's total rental income:
Current Position as at 18 October 2021 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Received 100% 100% 99% 99% 99% 99% 74%
Monthly Payments Expected Prior to Quarter End - - - - - -
15%
100% 100% 99% 99% 99% 99% 89%
Under Negotiation
- - -
- - - -
100% 100% 99% 99% 99% 99% 89%
Outstanding - - 1% 1% 1% 1% 11%
Total 100% 100% 100% 100% 100% 100% 100% It should be noted that this is an evolving picture with further payments being received each week.
For any amounts that remain outstanding that are owed by tenant companies who are known to have the ability to pay, the Company is pursuing these tenants.
Asset Management Update:
During the quarter the Company completed the following asset management transactions:
Vantage Point, Hemel Hempstead (office) - We have completed a new 5-year ex-Act lease (tenant break option at the end of year 3) to Netronix Integration Limited at a rent of GBP33,683 pa / GBP14.50 psf, which is GBP3 psf above ERV. 4 months' rent free incentive was given, with a further 2 months should the tenant not exercise their tenant break option at the end of the third year.
Bristol, 40 Queen Square (office) - Following the completion of a new 5-year ex-Act lease to Brewin Dolphin at GBP30 psf during the previous quarter, we have now also completed a lease renewal to Candide Limited until February 2025 at the same rent of GBP30 psf (GBP116,970 pa). The previous passing rent was GBP22.81 psf and only 1.5 months' rent free incentive was given.
Above Bar Street, Southampton (high street retail) - We have exchanged on a new straight 5-year ex-Act lease to Shoe Zone at a gross rent of GBP80,000 pa, subject to approx. GBP40,000 landlord works. 12 months' rent free incentive was given.
Sarus Court, Runcorn (industrial) - We have completed a 10-year lease renewal with NTT United Kingdom Limited (Dimension Data) at GBP5.75 psf (GBP64,066.50 pa) versus the previous passing rent of GBP5.25 psf. There is a tenant break option in December 2025. 5 months' rent free incentive was given.
Enquiries
AEW UK
Alex Short alex.short@eu.aew.com
+44(0) 20 7016 4848
henry.butt@eu.aew.com
Henry Butt
+44(0) 20 7016 4855
Nicki Gladstone 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
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 GBP15 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. 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 EUR75.4bn of assets under management as at 30 June 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 June 2021, AEW Group managed EUR36.6bn of real estate assets on behalf of a number of funds and separate accounts with over 440 staff located in 9 offices. The Investment Manager is a 50:50 joint venture between the principals of the Investment Manager and AEW. In May 2019, AEW UK Investment Management LLP was awarded Property Manager of the Year at the Pensions and Investment Provider Awards.
www.aewuk.co.uk
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ISIN: GB00BWD24154 Category Code: MSCM TIDM: AEWU LEI Code: 21380073LDXHV2LP5K50 OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State Sequence No.: 124840 EQS News ID: 1242286 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
October 21, 2021 02:00 ET (06:00 GMT)
