AEW UK REIT PLC AEW UK REIT acquires high yielding retail property (4250V)
November 02 2017 - 9:04AM
UK Regulatory
TIDMAEWU
RNS Number : 4250V
AEW UK REIT PLC
02 November 2017
AEW UK REIT plc acquires Commercial Road retail properties in
Portsmouth for GBP6.4m
AEW UK REIT plc ("the Company"), which directly owns a
diversified portfolio of regional UK commercial property assets, is
pleased to announce the acquisition of 208-220 Commercial Road and
7-13 Crasswell Street, Portsmouth for GBP6.4m.
The asset provides a net initial yield of 9.6% and is fully let
to seven retail tenants and one office tenant providing a WAULT of
4 years to expiry. The 15,553 sq ft retail property is situated
within the prime pedestrianised pitch of Commercial Road within
Portsmouth's city centre. The property is also directly opposite
the main covered shopping centre, The Cascades, which is anchored
by Primark, H&M, Next and Marks and Spencer.
As part of the 'Shaping Portsmouth' development initiative, the
city is set to receive GBP1 billion of investment from both public
and private sector organisations over the next 20 years.
Alex Short, Portfolio Manager, AEW UK REIT, commented: "We are
pleased to have completed this latest acquisition which we expect
to prove accretive to the Company's yield both on an initial and
equivalent basis. When acquiring High Street retail assets we
appraise a conservative scenario and therefore we were attracted by
both the central location of these units and also the asset
management and lease renewal opportunities that the asset provides.
The addition of this property complements our existing portfolio
and we are pleased to be investing again following the completion
of our successful capital raise in October."
On 20 October AEW UK REIT announced that it had raised GBP28.1m
through the initial issue of the Share Issuance Programme, as
described in the prospectus published by the Company on 28
September 2017.
ENDS
About AEW UK REIT
AEW UK REIT plc (LSE: AEWU) aims to deliver an attractive total
return to shareholders by investing predominantly in smaller
commercial properties (typically less than GBP10 million), on
shorter occupational leases in strong commercial locations across
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.
Since IPO it has raised a further GBP51m.
The Company is currently invested in office, retail, industrial
and leisure assets, with a focus on active asset management,
repositioning the properties and improving the quality of the
income stream.
AEWU is currently paying an annualised dividend of 8p per
share.
www.aewukreit.com
About AEW UK Investment Management LLP
AEW UK Investment Management LLP is a 50:50 joint venture
between the Management Team and AEW. It employs a well-resourced
team comprising 25 individuals covering investment, asset
management, operations and strategy. It is part of AEW Group, one
of the world's largest real estate managers, with EUR58.5 billion
of assets under management as at 30 June 2017. AEW Group comprises
AEW SA and AEW Capital Management L.P., a U.S. registered
investment manager and their respective subsidiaries. In Europe, as
at 30 June 2017, AEW Group managed EUR26.0 billion in value in
properties of all types located in 15 countries, with over 380
staff.
Enquiries:
AEW UK
Alex Short alex.short@eu.aew.com
+44(0) 207 016 4880
Laura Elkin laura.elkin@eu.aew.com
+44(0) 207 016 4869
Nicki Gladstone nicki.gladstone-ext@eu.aew.com
+44(0) 771 140 1021
Company Secretary
Capita Company Secretarial aewu_cosec@capita.co.uk
Services Limited +44(0) 207 954 9547
Media Enquiries
Temple Bar Advisory (Financial aew@templebaradvisory.com
PR advisor) +44(0) 7738 724 630
Ed Orlebar +44(0) 7789 998 020
Tom Allison +44(0) 7789 374 663
Lucy Featherstone
About AEW
AEW is one of the world's largest real estate asset managers,
with EUR58.5bn of assets under management as at 30 June 2017. AEW
has over 600 employees, with its main offices located in Boston,
London, Paris and Hong Kong and offers a wide range of real estate
investment products including comingled funds, separate accounts
and securities mandates across the full spectrum of investment
strategies. AEW represents the real estate asset management
platform of Natixis Global Asset Management, one of the largest
asset managers in the world.
As at 30 June 2017, AEW managed EUR26.0bn of real estate assets
in Europe on behalf of a number of funds and separate accounts. AEW
has over 380 employees based in 10 offices across Europe and has a
long track record of successfully implementing core, value-add and
opportunistic investment strategies on behalf of its clients. In
the last five years, AEW has invested and divested a total volume
of over EUR17.5bn of real estate across European markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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