Indeed; just topped up with some of my EPIC money after reading about the Bath acquisition Looks like an unlevered 9-10 return |
Bath a supply constrained city & in top 5 UK liveable cities & 8% yield as well. A sensible acquisition by a manager, how outrageous!. |
Knowing Bath quite well, I believe that to be an extremely good acquisition.
Laura again shows her prowess... |
AEW UK REIT plc (LSE: AEWU) ("AEWU" or the "Company") is pleased to announce that it has completed the purchase of a freehold, mixed-use asset in Bath city centre for £11,500,000, reflecting an attractive net initial yield of 8.0% and a capital value of £223 per sq ft. Following this acquisition, the Company is close to full deployment, with remaining cash available to invest of circa £3m.
...presumably takes them closer to, or at, full cover of the dividend? |
Thanks Skinny. It's shocking service from HL, Peter Hargreaves is right to call them out as 'twerps'. |
Poor show with HL - the dividend has only just appeared. |
No and BBOX also due today...
On edit BBOX just received. |
Nothing on AJ Bell either, have noticed a general deterioration in platforms crediting
div payments, shouldn't have to be keep checking, HL no better either. |
Hmmmm - thanks - for the second time in a row - nothing with HL as yet. |
Yes this morning with ii |
Has anyone received their dividend today? |
@CDV it isn't but there is the risk of the vacant store costs being added as well. I finally got around to listening to the CAL update and they said that they've had unsolicited interest in their wilkos so may actually be beneficial although suspect depends on the location. |
~1.6% of rental IIRC is from Wilko at AEWU. I don't think that's significant. |
Good presentation feel like they are warming upto a capital raise |
Investor presentation is up on YouTube if you missed the live one...https://youtu.be/dZCbTtoSTQw |
NCP is owned by a Japanese company which during the UK covid-19 oandemic lockdowns refused to pay rent. I know one landlord was furious and would think quite a few others were as well. |
It's not that Aldi necessarily want a rent free You, the landlord, give them because of red book values You value only the headline rent and then knock of the PV of the rent free You don't value the net effective rent Such that once the rent free expires you are then over valuing the asset Eg £100 rent with £100 rent free on a 10 year lease - P&L for tenant is £90 each year of the lease Red book values are on the full £100 with no accounting for future rent frees |
As usual AEWU provide loadsa of info setting the gold standard. Interesting comment re Wilko who else has them in the stable NRR? Surprised they need to give rent frees to Aldi but guess thats the price for getting them onboard for a long lease and they will probably roll the site in a couple of years. |
IMO AEWU is about the only over-distributor that's justified in doing so - they're superb at the trading side. Maybe comes from being a newish REIT, relatively, without the historic baggage of many others. |
Hardly surprising the dividend is uncovered as EPRA PPS was 1.77p in Q4 2022/3 and they sold 3 properties in the period. The part reinvestment of proceeds into York did not occur until after the end of Q1 2023/4. Earnings actually fell slightly less than I expected from the timing of sales (to 1.75p rather than 1.73p). Nice to see NAV starting to recover, despite the temporarily uncovered dividend and the dividend maintained again. Steady as she goes... |
Divi still remains uncovered by income. Tapping into the capital profits they make from spinning the portfolio.
I have been in and out of this one. Currently out (sold at £1) as there are bigger discounts available elsewhere, where the income divi is covered. I’d be a buyer again at 88p. |
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