AEW UK REIT | Initiation: Proven record of value creation
AEW UK REIT plc (AEWU) is a UK real estate investment trust (REIT) with a difference: it is highly focused on value investment, acquiring mispriced assets and then maximising income and unlocking capital upside through asset management initiatives. Launched in May 2015, AEWU has paid dividends of 2p per quarter – the highest gross dividend payment in its peer group, equating to a current dividend yield of 9.2% – for the last 34 consecutive quarters (many peers cut their dividends during the pandemic), and has a proven record of successful exits, with 18 properties sold to date at an average premium of 38% to their purchase price. It has a three-year annualised property total return of 8.9% as at 31 March 2024. Managers Laura Elkin and Henry Butt, supported by the resources of AEW, invest in smaller properties, almost wholly (95%+) outside London, in strong commercial locations but with low capital values versus peers. The result is a higher-than-average income (net initial yield of c 7-10%), with capital growth potential through active asset management and the exploration of alternative use values. AEWU's success has been recognised in a number of awards, including being named Citywire's best UK property fund (based on three-year NAV total returns) in each of the last four years (2020-23), with similar accolades from Shares Magazine (2022) and Investment Week (2023).AEW UK REIT is a closed ended real estate investment trust company. Co. invests predominantly in a portfolio of smaller commercial properties in the U.K. Specifically, Co. invests in freehold and leasehold properties across the whole spectrum of the commercial property sector (office properties, retail warehouses, high street retail and industrial/warehouse properties). AEW UK Investment Management LLP is the investment manager of Co.
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