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AEW UK REIT plc (AEWU)
23 April 2021
AEW UK REIT Plc (the "Company") Result of legal proceedings AEW UK REIT plc (LSE: AEWU) (the "Company") is pleased to announce the successful outcome of its legal action against two well-funded national tenants to recover unpaid rent. The court ruled in the Company's favour and ordered that rent due for the periods claimed must be paid. The total amount to be recovered pursuant to the legal action is £602,489. In addition, the Company will be writing to the tenants to claim the outstanding rent arrears that have fallen due for payment since the claims were issued and are confident of further recovery given the outcome of its successful application to the court. It is also the Company's intention to seek to recover its legal fees incurred in the litigation from the tenants. The combined total of the amount already claimed and the outstanding rent arrears that have fallen due for payment since the claims commenced is £1,200,566, including VAT. Of this amount, £924,530 relates to the period up to 31 March 2021, 56% (£520,919) of which has been provided for as at that date. The expected receipt of the outstanding amounts that have previously been provided for will contribute to the Company's EPRA EPS. AEWU has always made it clear that it will take legal action against tenants if required, particularly well-resourced companies that it believes are able to pay their rent and have sought to take advantage of government legislation intended to protect financially vulnerable tenants. Both tenants have a limited time period during which they may submit an appeal. ENDS
LEI: 21380073LDXHV2LP5K50 |
| ISIN: | GB00BWD24154 |
| Category Code: | MSCM |
| TIDM: | AEWU |
| LEI Code: | 21380073LDXHV2LP5K50 |
| Sequence No.: | 100619 |
| EQS News ID: | 1187871 |
| End of Announcement | EQS News Service |
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