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AEW UK REIT buys two properties for £14.65m

By BFN News | 01:36 PM | Wednesday 08 July, 2015


AEW UK REIT has completed two further acquisitions for a total consideration of £14.65m. Sandford House, located in Solihull town centre, provides 34,418sq ft of offices with parking for 130 vehicles. It was acquired for £5.4m. The property is fully let to a government department with a tenant break option in just under 2 years. The purchase price reflects a net initial yield of 10.9% and a capital value of £157 per sq ft. 69-75 Above Bar Street, Southampton is a prime retail parade of 3 units extending to 27,247sq ft. It was acquired for £9.25m. 40 per cent of the income is secured against Barclays Bank with other units occupied by Blacks and Waterstones, providing an average weighted unexpired lease term of 6.2 years. The acquisition reflects a net initial yield of 8.75%. The purchases are the second and third for the company which now has c. £33m invested, including £9.75m in the AEW UK Core Property Fund. At 1:36pm: (LON:AEWU) Aew Uk Reit Plc Ord Gbp0.01 share price was 0p at 103p Story provided by StockMarketWire.com

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