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LONDON (Alliance News) - AEW UK REIT PLC Monday said it has acquired Eastpoint Business Park in Oxford, England, for GBP8.2 million, equating to a net initial yield of 9.4%, including rents and guarantees.
Eastpoint Business Park is comprised of five self contained office buildings, amounting to 75,000 square feet. Tenants include Clarendon Business Centres and Cancer Partners UK, the real estate investment trust said, adding that the average weighted unexpired lease term of the tenants is 6 years to break and 7.9 years to expiry.
"We have agreed terms on our next few acquisitions as well so we hope to be able to make further announcements over the coming weeks. In addition, we are currently monitoring a very interesting pipeline of both single properties and portfolios across a range of sectors and locations that we believe will be able to create a very strong and varied basis for the company," Alex Short, portfolio manager, said in a statement.
AEW UK REIT shares were untraded on Monday. The stock was last traded at 102.25 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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