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LONDON (Alliance News) - AEW UK REIT PLC said Thursday that it has acquired the Stoneferry Retail Park north of the Hull city centre for GBP2.16 million.
The site is 17,656 square foot. It comprises 2 retail warehouse units along with a drive through 'Burger King' franchise and 113 customer parking spaces.
The purchase price reflects a net initial yield of 10.0% and a reversionary yield of 9.2%, the company said. The lettings provide a total passing rent of GBP228,591 per year, or around GBP13 per square foot.
"We are pleased to have now completed six acquisitions for the company. We are therefore on target to meet our acquisition timetable as set out to investors prior to the company's launch. We currently have under offer, or are working to agree terms on, a number of similar deals and expect to be able to make further announcements over the coming weeks," said Portfolio Manager Alex Short in a statement.
Shares in AEW UK REIT closed down 0.7% at 102.20 pence Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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