AEW UK REIT plc: Planning consent granted for Glasgow asset allowing for completion of sale

11 February 2022

AEW UK REIT Plc

Planning consent granted for Glasgow asset allowing for completion of sale

AEW UK REIT plc (LSE: AEWU) ("AEWU" or the "Company") is pleased to announce that planning consent has been granted for the demolition and development of a 527-unit student accommodation scheme at 225 Bath Street in Glasgow city centre. This follows the exchange of contracts for the sale of the site with a subsidiary company of IQ Student Accommodation in October 2020. The sale of 225 Bath Street is expected to complete after the standard 3-month judicial review period.

Once the sale has completed, the occupancy rate for AEWU's portfolio (as of 31 December 2021) will improve to 93.08%, from 88.98%.

Alex Short, Portfolio Manager, AEW UK REIT plc, commented: "This is the realisation of a long-term asset management strategy for our office asset in Glasgow. Following its sale, which has been conditional on planning consent, we will see an increase in the portfolio's occupancy rate, a reduction in overheads and new capital for further investment."

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 £15 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 77.4bn of assets under management as at 30 September 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 September 2021, AEW Group managed 36.8bn of real estate assets on behalf of a number of funds and separate accounts with over 440 staff located in 9 offices.

www.aewuk.co.uk