Information on Meridian Metal Trading Ltd

RNS Number : 9890U

AEW UK Long Lease REIT PLC

03 April 2019

 

AEW UK Long Lease REIT plc ("AEWL" or "the Group")

LEI: 213800MPBIJS12Q88F71

Information on Meridian Metal Trading Ltd

3^rd April 2019

AEW UK Long Lease REIT Plc notes the news that Meridian Metal Trading Ltd ("Meridian"), a tenant of the Group, has appointed Allan Graham and Matthew Ingram of Duff and Phelps as Joint Administrators.  

Meridian occupy two industrial assets within the AEWL portfolio located in Dudley, West Midlands and Sheffield. The annual passing rental income of £659,000 from Meridian, represented just under 10 per cent. of the Group's total annual rental income as at 31 December 2018.  All rent owed by Meridian to the Group has been fully paid to date including a payment made on 26 March for the quarter ending 24 June 2019.

As at 31 December 2018, the two properties were valued at £10.75 million, representing approximately 9.4 per cent. of AEWL's property portfolio.‎ The vacant value of the two properties as assessed by the Group's independent valuers, Knight Frank, is approximately £6.8 million.  AEW currently awaits further news in relation to whether a buyer of the business can be found and Joint Administrators advise that interested parties have been asked to come forward before close of business this Friday.  If not, then the vacant value position indicates an expected negative impact on the Group's NAV from this news of approximately 4 pence per share. If the properties do become vacant, the impact on AEWL earnings will also be negative.

Further announcements will be made as appropriate.

AEW UK Enquiries: Alex Short Laura Elkin	[e-mail] [e-mail]
Cenkos Securities plc Tom Scrivens Sapna Shah	[phone] [phone]
Media Enquiries Nicki Gladstone	[e-mail]
TB Cardew (Financial PR advisor)    Ed Orlebar Emma Crawshaw Lucy Featherstone	[e-mail] [phone] [phone] [phone]

 

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