AEW UK REIT plc: Acquisition of prime retail site in Bristol city centre (1210822)
June 23 2021 - 2:14AM
UK Regulatory
AEW UK REIT plc (AEWU)
AEW UK REIT plc: Acquisition of prime retail site in Bristol city centre
23-Jun-2021 / 08:13 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
=----------------------------------------------------------------------------------------------------------------------
23 June 2021
AEW UK REIT Plc
Acquisition of prime retail site in Bristol city centre
AEW UK REIT plc (LSE: AEWU) (the "Company") is pleased to announce the acquisition of a prime retail site in the heart
of Bristol city centre for a purchase price of GBP10.19 million, equating to GBP161 per sq ft and reflecting a net initial
yield of 8%.
15-33 Union Street occupies a prominent location in Bristol city centre, opposite The Galleries Shopping Centre and
near Cabot Circus, Bristol's premier retail destination. Located on a busy thoroughfare for pedestrians, the 63,125 sq
ft property experiences high footfall and is ideally suited for retail or leisure use. The location of the site has
also been identified as a major regeneration area.
Constructed in 2001, the property currently comprises five purpose built split-level retail or leisure units over four
floors with road access to both Union Street and Fairfax Street. Four of the five units are let to three household
names and a successful local retailer. The remaining unit is currently vacant, with the vendor providing a 12 month
rent guarantee. We are currently in discussions with a number of parties who are keen to occupy this space.
Alex Short, Portfolio Manager, AEW UK REIT, commented: "We are pleased to have acquired this prominent and busy city
centre property. This is an excellent fit for our portfolio and will immediately contribute to AEWU's income stream.
The site offers the opportunity to benefit from the major regeneration currently underway in Bristol city centre over
the long-term. While we have made two recent investments in the retail sector, our overall exposure remains relatively
low compared to industrial. We continue to take a cautious approach to retail, judging each site on its specific
merits."
Following completion of the above purchase, the Company holds c. GBP6.7 million of cash and has available c. GBP4.5 million
of its debt facility up to the drawdown limit of 35% Loan to NAV.
The Company's portfolio exposure is broken down by sector as follows:
Sector Valuation (as provided by Knight Frank as at 31 March 2021 plus subsequent acquisitions at purchase
price)
GBP million %
Industrial 108.8 55.1
Retail 39.3 19.9
Office 36.8 18.6
Other 12.6 6.4
Total 197.5 100.0
Enquiries
AEW UK
Alex Short alex.short@eu.aew.com
+44(0) 20 7016 4848
Nicki Gladstone 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
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 GBP15 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 UK Listing
Authority and admitted to trading on the Main Market of the London
Stock Exchange on 12 May 2015. www.aewukreit.com
LEI: 21380073LDXHV2LP5K50
About AEW UK Investment Management LLP
AEW UK Investment Management LLP employs a well-resourced team
comprising 26 individuals covering investment, asset management,
operations and strategy. It is part of AEW Group, one of the
world's largest real estate managers, with EUR72.8bn of assets
under management as at 31 March 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
March 2021, AEW Group managed EUR35.7bn of real estate assets on
behalf of a number of funds and separate accounts with over 420
staff located in 9 offices. The Investment Manager is a 50:50 joint
venture between the principals of the Investment Manager and AEW.
In May 2019, AEW UK Investment Management LLP was awarded Property
Manager of the Year at the Pensions and Investment Provider
Awards.
www.aewuk.co.uk
-----------------------------------------------------------------------------------------------------------------------
ISIN: GB00BWD24154
Category Code: MSCL
TIDM: AEWU
LEI Code: 21380073LDXHV2LP5K50
Sequence No.: 112922
EQS News ID: 1210822
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
Image link:
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1210822&application_name=news
(END) Dow Jones Newswires
June 23, 2021 03:14 ET (07:14 GMT)
Aew Uk Reit (LSE:AEWU)
Historical Stock Chart
From Jan 2025 to Feb 2025
Aew Uk Reit (LSE:AEWU)
Historical Stock Chart
From Feb 2024 to Feb 2025
