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(Alliance News) - AEW UK REIT PLC on Wednesday announced that acquisition of the PRYZM nightclub in Cardiff, Wales, for GBP3.6 million, reflecting a net initial yield of 8%.
The nightclub provides 39,649 square feet of nightclub and bar accommodation, and is single-let to a subsidiary of nightclub owner and operator Rekom UK.
"We are pleased to have acquired the PRYZM Nightclub in Cardiff following the removal of Covid restrictions in Wales permitting the reopening of leisure facilities. It has been purchased for a price that will deliver a strong initial yield which will be immediately accretive to shareholder returns, and the tenant is up to date with its rental commitments despite the disruption to trade caused by the pandemic," said Portfolio Manager Alex Short.
Shares in AEW UK REIT were up 0.8% at 116.77 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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