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AEW UK prices offering of up to 35 million new shares

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AEW UK prices offering of up to 35 million new shares

AEW UK Long Lease REIT Plc expects to raise £35 million by offering a maximum of 35 million new shares at 99.0 pence apiece.

The offering, which is not underwritten, will comprise a placement of shares, offer for subscription and intermediaries offer under the company's share issuance program.

The issue price reflects a 0.6% discount to the REIT's closing price of 99.6 pence per share as at Jan. 31 and a 2.6% discount to the average three-month closing price of 101.7 pence per share, according to a release.

The results of the issue are expected to be made public Feb. 15 and the new shares will be admitted to trading on the main market for listed securities of the London Stock Exchange Feb. 19, subject to approval.

Additionally, AEW noted that £95.2 million, including net proceeds from its IPO and a £30 million loan facility from Canada Life Investments, has been utilized for the purchase of 14 properties, with deals for two more properties slated to be settled in mid-February.

The company has a further pipeline of five properties totaling £18.5 million under offer and is carrying out due diligence on an over £50 million pipeline of assets.