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LONDON (Alliance News) - AEW UK REIT PLC Thursday said it has acquired Valley Retail Park, Newtownabbey in Belfast for GBP7.2 million.
The real estate investment trust said the site comprises seven modern purpose built retail warehouse units with a rear service yard and car park. It has an average weighted unexpired lease term of three and a half years to breaks and seven years to expiry.
AEW said the park provides a total passing rent of GBP966,765 per year and a net initial yield of 12.8%, with tenants including Harvey Norman Leasing, Halfords and Harry Corry Ltd.
This is AEW's fourth acquisition and it now has around GBP40 million in investments.
"We are pleased to have now completed four acquisitions for the REIT and are working in line with our proposed timetable as set out to investors prior to the REIT launch. We currently have under offer a range of similar deals and therefore expect to be able to make further announcements over the coming weeks," Portfolio Manager Alex Short said in a statement.
Shares in AEW were trading down 0.2% at 102.60 pence Thursday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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