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AEW UK REIT acquires property for £5.3m

By BFN News | 09:18 AM | Tuesday 15 September, 2015


AEW UK REIT has completed the purchase of 1-15 Fargate & 18-36 Chapel Walk, Sheffield, for £5.3m (net of acquisition costs). The property provides a total of 40,128sq ft with 8 retail units spread over basement, ground and first floors. Two of the retail units front onto the pedestrianised Fargate Street with six fronting the adjoining retail arcade of Chapel Walk. Tenants include Paperchase, H Samuel and Claire's Accessories with the lettings providing a WAULT of 3.8 years to breaks and 5.3 years to expiry. Upper floors from first to fifth are currently vacant with development potential for a number of uses including student accommodation, subject to planning. The purchase price reflects a net initial yield of 8.25%, inclusive of rental guarantees, and a reversionary yield of 9.1%, following the sale of the upper parts. With this purchase, the company has approximately £65m invested, including £9.75m in AEW UK's Core Property Fund. At 9:18am: (LON:AEWU) Aew Uk Reit Plc Ord Gbp0.01 share price was 0p at 101.75p Story provided by StockMarketWire.com

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