AEW UK REIT is spending £7.15m to buy Valley Retail Park.
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.
AEWU : AEW UK REIT buys retail park