Business
Information on Meridian Metal Trading Ltd
Information on Meridian Metal Trading Ltd.
About this update from Alternative Income Reit Plc
[{"type":"text","content":"\n \nRNS Number : 9890U AEW UK Long Lease REIT PLC 03 April 2019 \n\nAEW UK Long Lease REIT plc (\"AEWL\" or \"the Group\")\nLEI: 213800MPBIJS12Q88F71\nInformation on Meridian Metal Trading Ltd\n \n3rd April 2019\nAEW 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. \nMeridian 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.\nAs 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.\nFurther announcements will be made as appropriate.\n \n\n\n\n\nAEW UK Enquiries:\nAlex Short\nLaura Elkin\n\n\n \[email protected]\[email protected]\n\n\n\n\n \n\n\n \n\n\n\n\nCenkos Securities plc\nTom Scrivens\nSapna Shah\n\n\n \n+44 (0)20 7397 1915\n+44 (0)20 7397 1922\n\n\n\n\n \n\n\n \n\n\n\n\nMedia Enquiries\nNicki Gladstone\n\n\n \[email protected]\n\n\n\n\n \n\n\n \n\n\n\n\nTB Cardew (Financial PR advisor) \nEd Orlebar\nEmma Crawshaw\nLucy Featherstone \n\n\[email protected]\n+44 (0) 7738 724630\n+44 (0) 7971 468 308\n+44 (0) 7789 374663\n\n\n\n\n \n \n\nThis information is provided by RNS, the news service of the London Stock...