Share Name Share Symbol Market Type Share ISIN Share Description
Aew Uk Long Lease Reit Plc LSE:AEWL London Ordinary Share GB00BDVK7088 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 72.50 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
72.00 73.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 6.91 4.23 5.26 13.8 58
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 72.50 GBX

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Date Time Title Posts
04/3/202010:47::: AEW UK LONG LEASE REIT PLC :::458
02/6/201710:06AEW Long Lease-

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Aew Uk Long Lease Reit Daily Update: Aew Uk Long Lease Reit Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker AEWL. The last closing price for Aew Uk Long Lease Reit was 72.50p.
Aew Uk Long Lease Reit Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 77p while the 1 year low share price is currently 69.50p.
There are currently 80,500,000 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Aew Uk Long Lease Reit Plc is £58,362,500.
skyship: Simon Thompson tips AEWL in his IC Online article today. He concludes: Investors have been rightly cautious since then especially as the company only listed its shares on the premium segment of the London Stock Exchange in June 2017, so has a short track record. But with overheads cut, and the rent free period coming to an end, there is an opportunity to lock into a secure dividend yield of 7.8 per cent and benefit from the expertise of Mason Owen. The manager works with the likes of Lxi REIT (LXI), LondonMetric Property (LMP) and Assura (Agr), companies which are rated on hefty share price premiums to net asset value (NAV). That’s worth bearing in mind given that AEW’s share price trades 23 per cent below EPRA NAV of 94.63p even though the company has a modestly geared balance sheet (36 per cent loan-to-value ratio), 100 per cent occupancy rate and a weighted average unexpired lease term of 20 years to the next break. The board will also be changing the company’s name, details of which will be announced shortly. Having advised buying the shares just above the current price in my October 2019 Alpha Report, I feel that AEW’s share price discount to NAV should narrow markedly in the coming year to complement returns from four quarterly dividends of 1.375p a share. Buy.
rcturner2: I bought into this recently, it is just an income share for me, I am not concerned about the share price/NAV position.
edinandy: It still looks good value at this share price. With a fully covered divi by by June 2021 (?) this could be ok. I don't see where the growth comes from as share price unlikely to grow over 25% for a while
vinceelliott: Good to see this moving in the right direction. Will be interesting to watch the steps taken by management to get the share price in line with the NAV. big discrepancy. The management also perceives that a GAV in the range of £250M is optimum. Only another £130M ish to generate. Hands are tied in respect of taking on, or extending, loans. Share issue will be to the detriment of current shareholders. Not sure if AEWL is allowed to issue a bond, and what the impact that would have on loan conditions. Churning the portfolio of assets will not generate sufficient funds. Winding the company up seems to have been ruled out? Surely if AEWL is to continue the loan has to be renegotiated asap and extended for at least 10 years. Loan falls due in 2025 and there is currently no obvious way of repaying this without a fire sale.
chucko1: I get the sense that from 82p down to 76.5p, someone was simply throwing in the towel. Not sure why at 7% yield (largely covered). The damage is already done (concerning share price) and future prospects, although not exciting at all, are very attractive at the current price. 19% discount to NAV, it seems, and very little retail.
skyship: AEW UK Long Lease REIT (AEWL) AEWL’s Mission is to invest in long lease properties to generate a secure and predictable income return, sustainable in real terms, whilst at least maintaining capital values in real terms. It has however been a bit of a dog since its over-confident IPO two years ago. Then 2 months ago they announced the Administration of their largest tenant, which accounted for 9.8% of their rent roll and 9.4% of their property portfolio. Their valuers stated that should the properties be vacated then the result would be to wipe £4m off the previous £10.75m valuation - a 4% NAV impairment ! On 10th April the Company issued a statement saying: ============================================ “In view of the sub-scale size of the Group, its performance since IPO, and the recent news in respect of Meridian Metal Trading Limited (MMT), the Board is reviewing the options for the future of AEWL. The Board will seek to achieve value for shareholders either by expanding the Group's equity and asset base to achieve full dividend cover, considering offers from interested parties, or by selling the Group's portfolio and returning funds to shareholders.” ============================================ On 9th May a further statement conveyed better news re MMT and this was fully confirmed with an Update on 22nd May: ============================================ -- We are pleased to announce that earlier today the leases have been assigned to Meridian Steel for all three properties. Under the terms of the new lease arrangements, the passing rental income for the three industrial assets, two located in Dudley and one in Sheffield, will remain unchanged at GBP659,000, following an initial 12-month rent free period. The leases, which will run for a period of eight years, are linked to the Retail Price Index, with annual reviews and are all guaranteed by DITH. -- Following the assignment of the leases, Knight Frank LLP, AEWL's independent valuer, has valued the properties at GBP8.85 million. The impact of this revised valuation would increase the Group's reported NAV based on the balance sheet as at 31 March 2019 (see below) by GBP2.05 million (2.55 pence per share). ============================================= So, the net effect is that the NAV is restored to 95.77p and the Company is undergoing a Strategic Review, as essentially it lacks the critical mass to continue as it is. Other high-yielding propcos confronted this problem earlier in the cycle through a placing, or by underwriting large portfolio acquisitions – EPIC & WHR are two such, both doing so at the underlying NAV. IMO it may now be too late to adopt the same route, so perhaps more likely that AEW, the £60billion AUM property asset manager, may have to call time on this minnow and ease it out of the public sector through a trade sale or liquidation. It is now nearly 11weeks since the Review announcement; so it is surely likely that some resolution will need to be announced fairly soon, I would suggest certainly before mid-July. With the shares trading at 76.5p-77.0p; one is buying at a 19.6% NAV discount and a 7.1% yield. So a good yield whilst one waits for whatever outcome; but IMO the most likely outcome is some corporate action which will provide shareholders with a quite rapid c12.5% capital gain from current levels. ============================================= Incidentally, one last thing, just in case you are wondering about their Retail exposure, here is a sector breakdown of their property portfolio: Sector weightings The sector weightings, by value, of the property portfolio as at 31 March 2019 were: Hotels 21.9%; Industrial 18.3%; Residential care homes 16.3%; Car showrooms 13.6%; Student accommodation 10.9%; Leisure 8.7%; Power station 4.4%; Petrol station 4.0%; and Nursery 1.9%.
spectoacc: Completely missed this, released after the close last night. hTTps:// "Alex Short, Portfolio Manager, AEW UK Long Lease REIT, commented "Prior to going into Administration MMT settled its full rent due in respect of the quarter ending 24 June 2019. We are very pleased to have secured assignments of all three leases at our Dudley and Sheffield sites, minimising the overall impact on the valuation of the portfolio. All other properties in the portfolio either retained or increased their value during the quarter. Investor demand in the long lease sector of the market generally remains robust and AEW UK remains committed to achieving the best outcome for the investors of AEWL". Generally positive, they've assigned all 3 leases, with a guarantee from a stronger (we now know!) counterparty. But - there's a 12 month rent-free, and also a NAV drop to about the middle of the range on Meridian. Divi cover inevitably slipping too. NAV over 93p for shares at 82p, but there's more to prove, and it's gone very quiet on the possible management changes/sale.
belgraviaboy: SpectoAcc Always better the discuss the merits of an investment with someone who disagrees with you :-) 1) NAV can go down, as with any REIT. Like you I found this comment reassuring "the price paid for our assets has been well underpinned by our assessment of alternative use or vacant possession value" so I am not overly concerned. 2) I am expecting (and would welcome) a successful equity raise. They are sub-scale and need to get bigger. I expect, market conditions allowing, we will see it at the tail end of this year. By that time the quarterly dividends will be 1.375p and I expect the share price to be in the low 90's 3) I don't think the raise will be big enough for the stamp duty to have the same level of impact as when they started from scratch Definately not the finished article, but probably the first step in the right direction. On another note - thanks for pointing out RGL, I have been building a position over the last few days.
jonwig: SteMiS - - yes, price action is weird. Since trades are 'O' and go through a few market-makers, they must have a stock shortage or hidden demand. I find that strange given they want to issue stock, which ought to depress the share price. (Share price stabilisation is legal just after an IPO provided it's announced beforehand.) Anyway, folks who read the RNS and want out have a free rein here.
jonwig: Acquires two car homes for a total of £10.3m: I'm not particularly keen on care homes as an investment (Southern Cross, for example) but, as they say, it provides diversity. Share price is now moving towards a premium of around 7% after the initial doldrums.
Aew Uk Long Lease Reit share price data is direct from the London Stock Exchange
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