AEW UK REIT PLC Purchase of Property (2999D)
October 23 2015 - 11:00AM
UK Regulatory
TIDMAEWU
RNS Number : 2999D
AEW UK REIT PLC
23 October 2015
23 October 2015
AEW UK REIT plc
AEW UK REIT PLC ACQUIRES PROPERTIES FOR GBP3.37m
The Board of AEW UK REIT plc (the "Company") is pleased to
announce that it has acquired its fifteenth property, Units
1001-1004, Sarus Court, Runcorn, for GBP3.37m. With this purchase,
the Company has approximately GBP81m invested.
Sarus Court is located on the established Manor Park Industrial
Estate to the west of Runcorn a short distance from the Mersey
Gateway Project, providing a new 6 lane bridge over the River
Mersey between the towns of Runcorn and Widnes linking the M56 to
M62. The project is due for completion in 2017.
The site extends to 3.6 acres and accommodates four industrial
warehouse buildings totaling 56,153 sq ft. The property is fully
let to two tenants on four leases providing an unexpired term of
5.2 years to expiry and 3.8 years to break. The purchase price
reflects a net initial yield of 8.0% and a reversionary yield of
7.9% and capital value of GBP60 per sq ft.
Commenting on the deal, Alex Short, the Company's Portfolio
Manager at AEW UK Investment Management LLP, said, "We are pleased
to have acquired another industrial asset for REIT and this estate
stands out as being one of the best specified within the area. As
well as this acquisition, we are continuing to make good progress
with transactions in line with our deployment timetable and expect
to be able to make further announcements very shortly."
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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