The Board of AEW UK REIT has announced the acquisition of a multi let industrial warehouse located in Brockhurst Crescent, Walsall, West Midlands, an established commercial area located two miles from Junction 9 of M6.
Comprising approximately 142,106 sq ft, the property is fully let to Tata Steel UK and Micheldever Tyre Services providing a WAULT of c 6.4 years. It was acquired for £3.85m (net of acquisition costs) reflecting a net initial yield of 9.9%, reversionary yield of 8.5% and a capital value of £28 per sq ft.
With this purchase, AEW UK REIT has just over £111m invested in 22 properties, including £9.75m in AEW UK’s Core Property Fund.
AEWU : AEW UK REIT buys Walsall warehouse