QuotedData’s morning briefing 8 September 2023:
AEW UK REIT (AEWU) has acquired a mixed-use asset in Bath city centre for £11.5m, reflecting a net initial yield of 8.0% and a capital value of £223 per sq ft. Following this acquisition, the company is close to full deployment, with remaining cash available to invest of £3m. The property comprises a freehold island site totalling 0.4 acres and is located immediately adjacent to the South Gate Shopping Centre. Bath Spa Train Station is less than a five minute walk from the property. The 51,632 sq ft asset is multi-let to five tenants across office and retail accommodation. The majority of the building is let to four office tenants at a low average passing rent of £22 per sq ft. Income levels are expected to improve via rent reviews in the short-term and through lease renewals and re-lettings over the medium-term. Light refurbishment may also be considered in order to fully capitalise on the building’s prime location and prominence. A vacant retail unit, fronting Philip Street and Ham Gardens, is currently under offer to an established local retailer.
- Schroders Capital Global Innovation Trust (INOV) has received court approval for the cancellation of the share premium account and has sufficient distributable reserves for the purposes of undertaking share repurchases in accordance with the buyback policy set out in its most recent annual report. Winterflood Investment Trusts has been appointed to manage an irrevocable share repurchase programme, which will buy back INOV shares, subject to certain parameters. The repurchase programme commences today and will run until 31 December 2024.
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