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AEW grosses £80.5M from IPO of RE unit

AEW raised £80.5 million in the initial public offering of AEW UK Long Lease REIT, falling short of the £150 million maximum target that the company set in May.

The new real estate investment trust sold 80.5 million shares at £1 apiece. The REIT has applied for admission of the shares to the London Stock Exchange and expects admission to take effect and dealings in the shares to start June 6.

The shares will trade under the ticker AEWL.

AEW UK Long Lease REIT will invest in properties in sectors that are "underrepresented in institutional portfolios," such as leisure, healthcare, education, hotels, student accommodation, supported living and automotive. It is targeting an annual dividend of 5.5 pence, paid out on a quarterly basis, the company said in a release.

Fidante Capital is acting as sponsor, financial adviser and sole book runner to the company, while Kepler Partners LLP is the distribution agent. Solid Solutions Associates acted as intermediaries offer adviser.