AEW UK REIT PLC Purchase of Property (8557W)
August 24 2015 - 4:41AM
UK Regulatory
TIDMAEWU
RNS Number : 8557W
AEW UK REIT PLC
24 August 2015
24 August 2015
AEW UK REIT plc
AEW UK REIT PLC ACQUIRES PROPERTY FOR GBP3.5m
The Board of AEW UK REIT plc (the "Company") is pleased to
announce the completion of a further acquisition for GBP3.5m (net
of acquisition costs).
710 Brightside Lane is located to the north-east of Sheffield,
with good access from both the city centre and the M1 and within
one mile of the Meadowhall Shopping Centre. The site extends to
circa 5.75 acres and accommodates an industrial warehouse building
of 125,938 sq ft along with extensive yard and parking areas. The
property is single let to ROM Group Limited, a subsidiary of the
Celsa Group, for a period of 15 years from April 2015. The lease
provides for a tenant break option in just under 10 years' time.
The purchase price reflects a net initial yield of 9.5% and
reversionary yield of 9.5%.
The purchase is the seventh for the Company which now has c.
GBP57.6m 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 acquired
the first industrial asset for REIT. We regard this asset as
particularly attractive due to the length of income and its
situation in a busy mixed use location. We are still on target to
meet our acquisition timetable 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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