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LONDON (Alliance News) - AEW UK REIT PLC on Tuesday said it has struck a GBP5.3 million deal to buy a block of retail units in Sheffield.
The properties, comprising 1-15 Fargate and 18-36 Chapel Walk, offer a total of 40,128 square foot across eight retail units, spread across basement, ground and first floors.
The purchase price for the properties reflects a net initial yield of 8.3%.
"We are pleased to have acquired this latest asset due to its busy location within Sheffield's prime retail pitch and also the ability to add value through obtaining planning consent for the development of the upper floors. With this acquisition we are still on target to meet our acquisition timetable and expect to be able to make further announcements over the coming weeks," said Alex Short, portfolio manager of the trust at AEW UK Investment Management LLP.
Shares in the trust were untraded Tuesday, having last traded at 100.70 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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