AEW UK REIT PLC Purchase of Property (3657V)
August 06 2015 - 11:05AM
UK Regulatory
TIDMAEWU
RNS Number : 3657V
AEW UK REIT PLC
06 August 2015
6 August 2015
AEW UK REIT plc
AEW UK REIT PLC ACQUIRES PROPERTY FOR GBP7.15m
The Board of AEW UK REIT plc (the "Company") is pleased to
announce the completion of a further acquisition for total
consideration of GBP7.15m.
Valley Retail Park, Newtownabbey is located on the northern side
of Belfast with good accessibility to the M2, M5 and A2. The site
extends to circa 7 acres and the scheme provides 100,413 sq ft
arranged over 7 modern purpose built retail warehouse units with a
rear service yard and a 518 space car park.
The investment provides an average weighted unexpired lease term
of 3.5 years to breaks and 7 years to expiry. The park provides a
total passing rent of GBP966,765 pa and a net initial yield of
12.8% with tenants including Harvey Norman Leasing, Halfords and
Harry Corry Limited.
The purchase is the fourth for the Company which now has c.
GBP40m invested, including GBP9.75m 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 GBP100.5m.
Commenting on the deals, Alex Short, the Portfolio Manager at
AEW UK Investment Management LLP, said, "We are pleased to have now
completed four acquisitions for the REIT and are working in line
with our proposed timetable as set out to investors prior to the
REIT launch. We currently have under offer a range of similar deals
and therefore 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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