Purchase of Property

RNS Number : 3657V

AEW UK REIT PLC

06 August 2015

 



6 August 2015

AEW UK REIT plc

AEW UK REIT PLC ACQUIRES PROPERTY FOR £7.15m

The Board of AEW UK REIT plc (the "Company") is pleased to announce the completion of a further acquisition for total consideration of £7.15m.

Valley Retail Park, Newtownabbey is located on the northern side of Belfast with good accessibility to the M2, M5 and A2. The site extends to circa 7 acres and the scheme provides 100,413 sq ft arranged over 7 modern purpose built retail warehouse units with a rear service yard and a 518 space car park.

The investment provides an average weighted unexpired lease term of 3.5 years to breaks and 7 years to expiry.  The park provides a total passing rent of £966,765 pa and a net initial yield of 12.8% with tenants including Harvey Norman Leasing, Halfords and Harry Corry Limited.

The purchase is the fourth for the Company which now has c. £40m invested, including £9.75m 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 £100.5m.

Commenting on the deals, Alex Short, the Portfolio Manager at AEW UK Investment Management LLP, said, "We are pleased to have now completed four acquisitions for the REIT and are working in line with our proposed timetable as set out to investors prior to the REIT launch.  We currently have under offer a range of similar deals and therefore 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

 

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