Tenant update

17 March 2026

AEW UK REIT plc ("AEWU" or the "Company")

Tenant update

AEW UK REIT plc ("AEWU" or the "Company") notes the announcement made on 16 March 2026 that National Car Parks Limited ("NCP") has appointed joint administrators. The Company owns one property, Tanner Row in York, where NCP is a tenant, representing 78 per cent. of the annual rent currently received from this property. The Company is in the process of obtaining additional information from the administrator, who, in their initial statement notes that they will continue to trade the business for the time being, with no immediate changes to the day-to-day operations.

As at 31 December 2025, annual rental income due to the Company from NCP totalled £733,057 and represented 3.7% of AEWU's total contracted income (equivalent to approximately 0.11 pence per share per quarter). All amounts due to the Company by NCP for the December quarter have been paid however, given the timing of the administration, the earnings impact for the quarter ending 31 March 2026 will be assessed. As at 31 December 2025, Tanner Row, York was valued at £9.45m, representing 4.5 per cent of the Company's total portfolio value.

The mixed-use property at Tanner Row is centrally located within the York city walls. The 0.8 acre site is expected to be of interest to other operators as well as alternative uses, in the event that NCP should vacate, especially due to the land constrained nature of the location. The asset was purchased by the Company on 19 July 2023 for the price of £10.02m reflecting a net initial yield of 9.3%.

Further information will be provided as part of the Company's quarterly shareholder update or sooner if further material information is made available.  

ENDS

AEW UK

LEI: 21380073LDXHV2LP5K50

About AEW

AEW is one of the world's largest real estate asset managers, with €73.4bn of assets under management as at 30 September 2025. AEW has over 830 employees, with its main offices located in Boston, London, Paris and Singapore and offers a wide range of real estate investment products including comingled funds, separate accounts and securities mandates across the full spectrum of investment strategies. AEW represents the real estate asset management platform of Natixis Investment Managers, one of the largest asset managers in the world.

As at 30 September 2025, AEW managed €35.6bn of real estate assets in Europe on behalf of a number of strategies and separate accounts. AEW has over 515 employees based in 12 offices across Europe and has a long track record of implementing core, value-add and opportunistic investment strategies on behalf of its clients. In the last five years, AEW has invested and divested a total volume of circa €14.0bn of real estate across European markets.

www.aew.com

AEW UK Investment Management LLP is the Investment Manager.  AEW is a group of companies which includes AEW Europe SA and its subsidiaries as well as affiliated company AEW Capital Management, L.P. in North America and its subsidiaries. AEW Europe SA, together with its subsidiaries AEW UK Investment Management LLP, AEW S.à.r.l., AEW Invest GmbH and AEW SAS, is a European real estate investment manager with headquarter offices in Paris and London. AEW Europe SA and AEW Capital Management, L.P. are owned by Natixis Investment Managers. Natixis Investment Managers is an international asset management group based in Paris, France, that is principally owned by Natixis, a French investment banking and financial services firm. Natixis is principally owned by BPCE, France's second largest banking group.

Disclaimer

This communication cannot be relied upon as the basis on which to make a decision to invest in AEWU. This communication does not constitute an invitation or inducement to subscribe to any particular investment. Issued by AEW UK Investment Management LLP, 8 Bishopsgate, London, EC2N 4BQ.
Company number: OC367686 England. Authorised and regulated by the Financial Conduct Authority.