Business
Company update
Company update.
About this update from Alternative Income Reit Plc
[{"type":"text","content":"\n \n \n RNS Number : 0955E\n AEW UK Long Lease REIT PLC\n 25 February 2020\n \n \n \n \n The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area (other than the Republic of Ireland or the Netherlands), Canada, Australia, Japan or the Republic of South Africa.\n \n \n \n \n \n 25 February 2020\n \n \n AEW UK Long Lease REIT plc\n \n \n (the \"Company\" or the \"Group\")\n \n \n COMPANY UPDATE\n \n \n The Board of Directors of AEW UK Long Lease REIT plc (ticker: AEWL), the owner of a diversified portfolio of 19 regional UK commercial property assets let on long leases,\n \n is pleased to provide an update on the changes to the Company's service providers and the resulting significant cost savings to the Group.\n \n \n \n \n \n T\n he changes set out below are expected to reduce the Company's recurring annual overhead costs to approximately half of its historic level. The Board is confident that the new service providers will deliver the requisite service levels to the Company.\n \n \n \n \n \n The Board expects that, \n with effect from the financial year commencing 1 July 2020, the combination of the reduction in the Company's overheads and the contracted\n \n \n 1\n \n \n rental income from the Company's portfolio enables the Board to reaffirm its current target annual dividend of 5.5 pence per share but one that it expects will be on a fully cash covered basis from 1 July 2020\n \n \n 2\n \n \n . \n \n \n · \n Mason Owen and Partners Limited (\"Mason Owen\") has been appointed as the Company's Investment Adviser with effect from 9 April 2020 with prime responsibility for the Group's property portfolio and will also assume the role of Property Manager with effect from 1 March 2020.\n \n \n o \n Established in 1967 and headquartered in Liverpool, Mason Owen is a full-service agency that offers all aspects of property advice including investment, asset management, valuation and compulsory purchase advice as well as insurance brokerage. Clients include Assura plc, Greggs PLC, Grosvenor Europe, Iceland Foods Ltd, Legal & General Investment Management, LondonMetric Property Plc, LXi REIT plc, M&G Real Estate and Nuveen.\n \n \n · \n Langham Hall Fun...