AEW UK Long Lease REIT PLC AEW UK Long Lease REIT plc acquires two care homes (1812V)
November 01 2017 - 2:00AM
UK Regulatory
TIDMAEWL
RNS Number : 1812V
AEW UK Long Lease REIT PLC
01 November 2017
1 November 2017
AEW UK Long Lease REIT plc acquires care homes in Solihull and
Brough for GBP10.3m
AEW UK Long Lease REIT plc ("the Company") is pleased to
announce it has acquired two residential care home properties in
the West Midlands and East Riding for GBP10.3m. Both were acquired
from 90 North Real Estate Partners LLP ("90 North") and are let to
Prime Life Limited, a care services provider operating a total of
57 care homes, based mainly in Lincolnshire and the East
Midlands.
The Lyndon Croft Care Centre, located on Ulleries Road,
Solihull, was acquired for GBP6.2m. It provides 52 beds for those
with needs associated to old age and dementia. The property
provides an unexpired lease term of 31 years. The acquisition price
reflects a net initial yield of 5.5%.
Westerlands Care Village, located on Elloughton Road, Brough,
was purchased for GBP4.1m and comprises 62 beds in two adjacent
homes. Elloughton House provides residential and nursing care as
well as care of those with dementia needs. Brough House provides
specialist memory care for high dependency residents. The
acquisition price reflects a net initial yield of 6.0% and the
properties have an unexpired lease term of 31 years.
90 North was advised by Gerald Eve. AEW was advised by Knight
Frank.
Alex Short, Director of AEW UK Investment Management LLP, and
Portfolio Manager of the Company said: "These latest acquisitions
demonstrate our commitment to investing in specialist,
underrepresented sectors in the property market. Care homes such as
these, with their long leases and sustainable income profile, are
important additions to AEW UK Long Lease REIT's investment
portfolio."
The transaction increases the total amount invested by AEW UK
Long Lease REIT plc since June to GBP41m. In addition to this, the
Manager has a further 4 assets under offer and expects to make
additional announcements in the coming weeks.
AEW UK Long Lease REIT plc raised GBP80.5m 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
thereafter.
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 June 6 2017, AEWL raised GBP80.5m 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
AEW UK Investment Management LLP is a 50:50 joint venture
between the Management Team 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 EUR58.5 billion
of assets under management as at 30 June 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 June 2017, AEW Group managed EUR26.0 billion in value in
properties of all types located in 15 countries, with over 380
staff.
Enquiries:
AEW UK
Alex Short alex.short@eu.aew.com
+44(0) 207 016 4880
Laura Elkin laura.elkin@eu.aew.com
+44(0) 207 016 4869
Nicki Gladstone Nicki.Gladstone-ext@eu.aew.com
+44(0) 771 140 1021
Company Secretary
Capita Company Secretarial aewl-cosec@capita.co.uk
Services Limited +44(0) 139 247 7509
Temple Bar Advisory aew@templebaradvisory.com
Ed Orlebar +44(0) 7738 724 630
Tom Allison +44(0) 7789 998 020
Lucy Featherstone +44(0) 7789 374 663
About AEW
AEW is one of the world's largest real estate asset managers,
with EUR58.5bn of assets under management as at 30 June 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 June 2017, AEW managed EUR26.0bn of real estate assets
in Europe on behalf of a number of funds and separate accounts. AEW
has over 300 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 EUR17.5bn of real estate across European markets.
This information is provided by RNS
The company news service from the London Stock Exchange
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