AEW UK REIT PLC Purchase of Property (6781W)

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RNS Number : 6781W

AEW UK REIT PLC

20 August 2015

AEW UK REIT plc

AEW UK REIT PLC ACQUIRES PROPERTY FOR GBP2.16m

The Board of AEW UK REIT plc (the "Company") is pleased to announce the completion of a further acquisition for GBP2.16m (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 GBP228,591 pa equating to c GBP13 per sq ft as compared to an ERV of GBP12 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. GBP54.1m 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 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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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August 20, 2015 11:58 ET (15:58 GMT)

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