Last checked at 20 Aug 2015 16:58
20 August 2015
AEW UK REIT plc
AEW UK REIT PLC ACQUIRES PROPERTY FOR £2.16m
The Board of AEW UK REIT plc (the "Company") is pleased to announce the completion of a further acquisition for £2.16m (net of acquisition costs).
Stoneferry Retail Park occupies a prominent roundabout site totalling 17,656 sq ft approximately 2 miles to the north of Hull city centre. The scheme comprises 2 retail warehouse units along with a drive thru Burger King and 113 customer parking spaces. The purchase price reflects a net initial yield of 10.0% and reversionary yield of 9.2%. The lettings provide a total passing rent of £228,591 pa equating to c £13 per sq ft as compared to an ERV of £12 psf. The lettings provide a weighted average unexpired lease term of just under 7 years to expiry.
The purchase is the sixth for the Company which now has c. £54.1m invested, including £9.75m in the AEW UK Core Property Fund.
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.
Commenting on the deal, Alex Short, Portfolio Manager at AEW UK Investment Management LLP, said, "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."
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 Katie Standley
| 020 7832 0900 |