AEW UK REIT PLC Purchase of Property (7400C)
October 19 2015 - 11:44AM
UK Regulatory
TIDMAEWU
RNS Number : 7400C
AEW UK REIT PLC
19 October 2015
19 October 2015
AEW UK REIT plc
AEW UK REIT PLC ACQUIRES PROPERTIES FOR GBP3.06m
The Board of AEW UK REIT plc (the "Company") is pleased to
announce the acquisition of a portfolio comprising of 3 industrial
warehouses totalling 65,500 sq ft. Moorside Road, Swinton; Wagon
Road, Mossley and Clarke Road, Milton Keynes, all trading as
Nationwide Crash Repair Centres, have been bought for GBP3.06m (net
of acquisition costs) reflecting a net initial yield of 8.3% and a
capital value of GBP47 per sq ft.
The properties in Swinton and Mossley are both located within 10
miles of Manchester, close to junctions 2 and 23 of the M60
respectively, whilst Clarke Road forms part of the Mount Farm
Industrial Estate close to junction 13 of the M1. The leases,
expiring in August 2023, provide a WAULT of just under 8 years and
produce a total rental income of GBP269,000 pa which is considered
to be rack rented. The income is guaranteed by Nationwide Accident
Repair Services Ltd.
With these purchases, the Company has approximately GBP77m
invested, including GBP9.75m in AEW UK's Core Property Fund, and 14
properties.
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, REIT Portfolio Manager at
AEW UK Investment Management LLP, said, "We are pleased to have
acquired these industrial warehouses, which are well located and
are backed by a strong covenant."
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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