Last checked at 8 Jun 2015 14:37
8 June 2015
AEW UK REIT plc
AEW UK REIT PLC ACQUIRES FIRST PROPERTIES FOR £8.2m
The Board of AEW UK REIT plc (the "Company") is pleased to announce the completion of the Company's initial acquisition for total consideration of £8.2m, reflecting a net initial yield of 9.4% including rents and rent guarantees.
Eastpoint Business Park, Oxford comprises five self contained office buildings totalling 75,000 sq ft. Tenants include Clarendon Business Centres and Cancer Partners UK.
The average weighted unexpired lease term of the tenants is 6 years to break and 7.9 years to expiry.
The Company is a real estate investment trust ("REIT"), which aims to deliver an attractive total return to shareholders from investing predominantly in a portfolio of smaller commercial properties in the United Kingdom. The Company was listed on the Official List of the UK Listing Authority and admitted to trading on the Main Market of the London Stock Exchange on 12 May 2015, raising £100.5m.
In addition to the initial property acquisition the Company has invested £9.75m in the AEW UK Core Property Fund.
Commenting on the deal, Alex Short, the Portfolio Manager said "After the successful raise of £100m last month, it is good to get the first acquisition completed. We have agreed terms on our next few acquisitions as well so we hope to be able to make further announcements over the coming weeks. In addition, we are currently monitoring a very interesting pipeline of both single properties and portfolios across a range of sectors and locations that we believe will be able to create a very strong and varied basis for the Company."
For further information, please contact:
AEW UK Investment Management LLP Dana Eisner/Nicki Gladstone
| 020 7016 4800 |
Capita Company Secretarial Services Limited Marco Murray
| 020 7954 9792 |
Dexion Capital plc Ravi Anand/Katie Standley
| 020 7832 0900 |