AEW UK offers clients long-term value-based investment solutions in real estate. Our approach puts investors' interests first, with a focus on strong corporate governance, process transparency, clear communication and team stability through ownership. AEW UK's real estate team is one of the most experienced in the industry with an average investment experience of 24 years.

The core team, comprising Richard Tanner, Rachel McIsaac, Catherine Delplace, Dana Eisner and Nick Winsley has extensive experience in establishing and growing UK unlisted real estate funds. AEW UK's property advisors, Andrew Strang and James Hyslop bring over 30 years each of long-term value investing real estate experience to AEW UK.

AEW UK has deep experience across all UK commercial property sectors with specialist expertise in offices, shopping centres and ground leases.

Prospectus

Dividend policy.

Whilst not forming part of the Company’s investment objective or investment policy the Company will, once fully invested, target a dividend yield of between 8 to 9 per cent. per annum on the Issue Price and target a total annual return, over the medium term, in excess of 12 per cent. on the Issue Price net of all fees.

The Company intends to pay dividends on a quarterly basis with dividends declared in February, May, August and November in each year and paid within one month of being declared. The Company intends to declare its first interim dividend in November
2015 to be paid in December 2015. On the basis of the expected investment period the Company is targeting a first interim dividend of at least 1.5 pence per Share and subsequent interim dividends of at least 2 pence per Share.

In order to obtain and comply with REIT status the Company will be required to meet a minimum distribution test for each year that the Group is a REIT. This minimum distribution test requires the Company to distribute 90 per cent. of the income profits of the Property Rental Business for each accounting period, as adjusted
for tax purposes.

Investors should note that the figures in relation to dividends, total shareholder return and targeted annual growth in NAV set out above are for illustrative purposes only, are based on current market conditions and are not intended to be, and should not be
taken as, a profit forecast or estimate.


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AEW UK REIT Fundamentals (AEWU)

From RECI - Director Declaration

Notification is made in accordance with LR 9.6.14(2) that Mark Burton, a director of the Company has advised the Company that he has been appointed as a director and chairman of AEW UK REIT plc, whose shares were admitted to trading on the Main Market of the London Stock Exchange plc on 12 May 2015.

AEW UK REIT: An industry leading 8% dividend yield

Finally bought here today.

NAV Update and Dividend Declaration

Highlights

At 30 September 2018, the fair value independent valuation of the property portfolio was £193.53 million (30 June 2018: £191.95 million), following the sale of 18-36, Chapel Walk, Sheffield, during the quarter. On a like-for-like basis the valuation of the property portfolio increased by £2.48 million (1.30%) over the quarter (30 June 2018: £3.26 million and 1.73%).

NAV of £151.65 million or 100.06 pence per share (31 March 2018: £149.14 million or 98.40 pence per share).

EPRA earnings per share ("EPRA EPS") for the quarter of 2.06 pence per share (30 June 2018: 2.04 pence per share), in line with the Company's target annual dividend of 8.00 pence per share.

The Company today announces an interim dividend of 2.00 pence per share for the three months ended 30 September 2018.

NAV total return of 3.80% and shareholder total return of 0.42% for the three months ended 30 September 2018.

The Company remains conservatively geared with a gross loan to value ratio of 25.84% (30 June 2018: 26.05%).

At 30 September 2018, the Company held £7.40 million cash for investment, most of which we expect to invest in an attractive and high-yielding asset in the coming months.


Portfolio and asset management activity during the period included:

The letting of Orion House, Eastpoint Business Park, Oxford, for a term of 25 years at a rent of £179,410 per annum.

The letting of Third Floor East, 225 Bath Street, Glasgow for a five year term at a rent of £88,608 per annum.

The sale of 18-30, Chapel Walk, Sheffield for gross proceeds of £0.90 million.

Half-yearly Results


Financial Highlights


● Unaudited Net Asset Value ('NAV') of £151.65 million and 100.06 pence per share as at 30 September 2018 (31 March 2018: £146.03 million and 96.36 pence per share).

● Operating profit before fair value changes of £6.86 million for the period (six months to 31 October 2017: £4.96 million).

● Unadjusted profit before tax ('PBT') of £11.68 million and 7.71 pence per share for the period (six months to 31 October 2017: £6.99 million and 5.60 pence per share).

● EPRA Earnings Per Share ('EPRA EPS') for the period were 4.10 pence (six months to 31 October 2017: 3.73 pence). See below for more details.

● Total dividends of 4.00 pence per share have been declared for the period (six months to 31 October 2017: 4.00 pence per share).

● Total shareholder return for the period was 3.56% (six months to 31 October 2017: 5.17%). See below for more details.

● NAV total return for the period was 7.99% (six months to 31 October 2017: 6.06%). See below for definition.
● The price of the Company's Ordinary Shares on the Main Market of the London Stock Exchange was 95.01 pence per share as at 30 September 2018 (31 March 2018: 95.60 pence per share).

● As at 30 September 2018, the Company had a £60.00 million (31 March 2018: £60.00 million) term credit facility with The Royal Bank of Scotland International Limited ('RBSI') and was geared to 25.84% of the Gross Asset Value (31 March 2018: 26.00%).

● Since the period end, the Company has extended the term of its loan facility with RBSI by three years up to 22 October 2023.

● The Company held cash balances totalling £8.15 million as at 30 September 2018 (31 March 2018: £4.71 million), of which £7.40 million (31 March 2018: £3.57 million) was held for the purpose of capital acquisitions.

Property Highlights


● As at 30 September 2018, the Company's property portfolio had a fair value of £193.53 million (31 March 2018: £192.34 million) and a historical cost (including purchase costs and capital expenditure) of £191.92 million (31 March 2018: £196.64 million), representing an increase of £1.61 million (31 March 2018: decrease of £4.30 million), or 0.84% (31 March 2018: decrease of 2.19%).

● The majority of assets that have been acquired are fully let and the portfolio had a vacancy rate of 3.27% as at 30 September 2018 (31 March 2018: 7.10%).

● Rental income generated in the period was £8.46 million (six months to 31 October 2017: £6.50 million). The number of tenants as at 30 September 2018 was 95 (31 March 2018: 104).

● Average portfolio Net Initial Yield of 7.90% (31 March 2018: 7.74%). See below for more details.

● Weighted average unexpired lease term ('WAULT') of 5.00 years (31 March 2018: 5.08 years) to break and 6.18 years (31 March 2018: 6.16 years) to expiry. See below for more details.

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