(Alliance News) - AEW UK REIT PLC on Wednesday said it is seeking to raise up to GBP20 million via a share placing to make new investments.
The real estate investment trust has priced its share placing at 97 pence a share, representing a 1.9% discount to its last reported net asset value. The stock was trading 0.8% higher in London on Wednesday at 96.80p a share, giving AEW UK REIT a market capitalisation of GBP146.7 million.
The proposed placing will take place through the company's broker, Liberum Capital Ltd. AEW UK REIT said the placing will start immediately and will close on Tuesday next week.
The company said its investment manager has a strong pipeline of potential investments matching AEW UK REIT's investment policy and showing similar attractive income profiles and value add opportunities to the existing out-performing portfolio.
This pipeline, on which due diligence and negotiations are progressing, totals GBP100 million, the majority being in the industrial sector and focused on locations exhibiting low levels of competing supply and assets with low levels of passing rent, AEW UK REIT said.
As at mid-January, the company owned a portfolio of 35 regional UK commercial property assets, mainly industrial assets.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Aew Uk Reit (AEWU)