REG - AEW UK REIT PLC - Acquisition of Railway Station Retail Park

Aew UK ReitAnnouncement

10/06/2022 07:01

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RNS Number : 3769O  AEW UK REIT PLC  10 June 2022

10 June 2022

 

AEW UK REIT Plc

 

Acquisition of Railway Station Retail Park, Dewsbury

 

 

AEW UK REIT plc (LSE: AEWU) ("AEWU" or the "Company") is pleased to announce
the acquisition of the 6.04 acre Railway Station Retail Park in Dewsbury for a
price of £4,700,000. The purchase price reflects a low capital value of only
£82 per sq ft and provides an attractive net initial yield of 9.4%.

The park is fully let with a low average passing rent of £8.28 per sq ft,
which the Investment Manager believes provides strong potential for rental
growth. Tenants include Sports Direct, Mecca Bingo, Fieldrose Ltd, trading as
KFC, and the Danish furniture retailer, Jysk.

The park occupies a prominent location on the edge of the town centre within
an established retail and leisure area. Neighbouring occupiers include
Sainsburys, Aldi, Matalan, Pets at Home and Iceland as well as a council
operated library and sports facility. Dewsbury has a tight supply of retail
warehousing stock, with no current vacancies within the town.

 

Commenting on the sale, Laura Elkin, Portfolio Manager of AEW UK REIT said,
"This latest acquisition supports our view that the current market continues
to provide investment opportunities that deliver dividend accretive income
streams while also providing future potential for capital growth. Our work
undertaken on the tenants of the park has shown that they trade well from the
location and we expect an attractive level of income to be sustained".

 

ENDS

 

 Enquiries
 AEW UK
 Laura Elkin                     laura.elkin@eu.aew.com (mailto:laura.elkin@eu.aew.com)
                                 +44(0) 7917 058 337
 Henry Butt                      h (mailto:henry.butt@eu.aew.com) enry.butt@eu.aew.com
                                 (mailto:henry.butt@eu.aew.com)
                                 +44(0) 7920 499 076
 Nicki Gladstone                 nicki.gladstone-ext@eu.aew.com (mailto:nicki.gladstone-ext@eu.aew.com)
                                 +44(0) 7711 401 021
 Company Secretary
 Link Company Matters Limited    aewu.cosec@linkgroup.co.uk
                                 +44(0) 1392 477 500

 TB Cardew                       AEW@tbcardew.com (mailto:AEW@tbcardew.com)
 Ed Orlebar                      +44 (0) 7738 724 630
 Tania Wild                      +44 (0) 7425 536 903
 Lucas Bramwell                  +44 (0) 7939 694 437

 Liberum Capital
 Darren Vickers / Owen Matthews  +44 (0) 20 3100 2000

 

 

 

 

Notes to Editors

 

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 £15 million), on shorter occupational leases in strong
commercial locations across the United Kingdom. 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 income streams.  AEWU is currently paying an annualised dividend
of 8p per share.

 

The Company was listed on the Official List of the Financial Conduct Authority
and admitted to trading on the Main Market of the London Stock Exchange on 12
May 2015. www.aewukreit.com (http://www.aewukreit.com/)

 

LEI: 21380073LDXHV2LP5K50

 

About AEW UK Investment Management LLP

 

AEW UK Investment Management LLP employs a well-resourced team comprising 28
individuals covering investment, asset management, operations and strategy. It
is part of AEW Group, one of the world's largest real estate managers, with
€88.2bn of assets under management as at 31 December 2021. 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 31 December 2021,
AEW Group managed €38.5bn of real estate assets on behalf of a number of
funds and separate accounts with over 450 staff located in 12 locations. In
May 2019, AEW UK Investment Management LLP was awarded Property Manager of the
Year at the Pensions and Investment Provider Awards.

 

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