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LONDON (Alliance News) - AEW UK REIT PLC on Wednesday said it has acquired a multi-let industrial warehouse in Walsall in the West Midlands for GBP3.9 million.
The 142,106 square foot property is fully let to Tata Steel UK and Micheldever Tyre Services and the purchase price reflects a net initial yield of 9.9%.
"We are pleased to have acquired this multi-let industrial warehouse, which is well located and provides a medium term income stream to the company at an attractive return," said Alex Short, portfolio manager of the fund at AEW UK Investment Management LLP.
AEW shares were trading down 1.1% at 99.75 pence Wednesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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