AEW UK REIT is spending £8.79m on two acquisitions:
Barnstaple Retail Park was acquired for £6.79m reflecting a net initial yield and reversionary yield of 8.5%. It comprises a fully let retail warehouse scheme, extending to 50,950 sq ft. The Park is anchored by a 35,690 sq ft B&Q and includes a 9,605 sq ft unit let to Sports Direct and a 5,717 sq ft unit let to Poundland. The leases provide a WAULT of 7.3 years to break and 8.6 years to expiry, producing a total rental income of £610,680 pa.
Carrs Coatings, Eagle Road, Redditch was acquired for £2.0m reflecting a net initial yield of 9.5% and reversionary yield of 7.5%. Carrs Coatings is located on the established North Moons Moat Industrial Estate to the east of Redditch, a short distance from Junction 3 of the M42. The site extends to circa 1.7 acres and accommodates an industrial warehouse building of 37,833 sq ft. The property is single let to Carrs Coatings Ltd providing an unexpired term of 13 years with annual fixed rental uplifts in line with RPI.
With these purchases, the Company has approximately £74m invested, including £9.75m in AEW UK’s Core Property Fund, and eleven properties.
AEWU : AEW UK REIT adds two properties