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 00:00:00
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
02/6/201709:06AEW Long Lease-

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Posted at 06/2/2023 08:20 by 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 0p while the 1 year low share price is currently 0p.
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.
Posted at 02/3/2020 13:09 by 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.

Posted at 26/2/2020 07:00 by spectoacc
Agree with all comments above. Suspect the "..Raise more capital.." is nothing more than an aspiration, hence the move to significantly lower costs (&, as noted above, expertise). In theory, AEWL doesn't need purchase/sale expertise, it has its portfolio, it's paying out all (and currently more) of its income.

Again tho - the market adores the management at AEWU, and hates it at AEWL. Same management.

AEWL one of the few yet to revalue from the GE result, with a possible long overhang, but if you're in it for the yield and value, who cares.

Posted at 14/2/2020 10:28 by skyship
HP - that is why the share price is where it is! All in the price; and the price now provides clear value.
Posted at 14/2/2020 08:59 by rcturner2
I bought into this recently, it is just an income share for me, I am not concerned about the share price/NAV position.
Posted at 06/2/2020 09:40 by skyship
DB - thnx for posting that. I certainly agree with this "the longer term goal of growing the size of the company as challenging given the current scale and share rating". More like impossible I would say; so a trade sale still the most likely outcome.

Incidentally, I'd forgotten to update the share price on my spreadsheet, so the discount and yield previously posted were too low! I've now updated.

Sp now moving ahead marginally. So at the current offer price of 73.5p the discount = 22.3% and the yield = 7.5%. Purchases subject to SD of course.

Posted at 05/1/2020 14:09 by spectoacc
I don't believe SHED is on a premium atm. Unlike anything with retail in it, SHED's NAV will have risen IMO. Last EPRA NAV was 145.2p.

Also suspect HSTN bid has changed things even more than the Boris majority. For PE to bid 10% more than last NAV for HSTN suggests they think they'll make considerably more. Does that justify c.9% premium on WHR? I doubt it, and sold lower. But as with eg LMP premium, I think the internet is here to stay and I think NAVs for the last mile/industrials will only rise over time. SHED ought to be trading at c.160p IMO (I would, of course, say that :) ).

@chucko1 - fair points re NAV, tho I still benchmark share prices against it. But more a case of working out where the NAVs are going (eg AEWU's small retail holdings will/have drag it lower, vs eg SHED) than dismissing it outright.

Fwiw, if I was choosing quality management, SHED would be top for me. Not certain AEWU (& admittedly by extension, AEWL currently), nor WHR, would feature that highly for me.

Posted at 26/10/2019 12:20 by spectoacc
@JH27 - can you back up your comments? I've not seen many cliff-edge breaks?

I do think some of the assets are slightly iffy - the two care homes in particular. Also the Audi garage, and Motorpoint, though noteworthy that MOTR are, ahem, motoring, and Audi have spent a lot on their site.


AEWU has performed much better, not far off NAV, divi fully covered - seems unfair to tar them with the same brush.

AEWL has had a seller for a while - still going IMO - just as AEWU has had on a couple of occasions, which have been great entry points.

There's a fair bit of index-linkage with AEWL, which justifies a lower yield and smaller discount than it's currently on IMO. It's being rated as if the "L" wasn't there.

(Meridian was a shocker, and Alex Short rightly going to get the boot from managering AEWL, but "demise" is too strong a word - got bought out, and the rent will resume at the same level after the rent-free period. Not the disaster it at first seemed).

Edit - LXI, good co, absolutely no interest in it at a premium tho.

One thing we do agree on - AEWL are unlikely to be able to raise more money anytime soon.

Posted at 21/10/2019 19:41 by 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
Posted at 21/10/2019 16:55 by 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.

Posted at 23/6/2019 08:47 by skyship

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%.

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