TIDMAEWU

RNS Number : 3769O

AEW UK REIT PLC

10 June 2022

10 June 2022

AEW UK REIT Plc

Acquisition of Railway Station Retail Park, Dewsbury

AEW UK REIT plc (LSE: AEWU) ("AEWU" or the "Company") is pleased to announce the acquisition of the 6.04 acre Railway Station Retail Park in Dewsbury for a price of GBP4,700,000. The purchase price reflects a low capital value of only GBP82 per sq ft and provides an attractive net initial yield of 9.4%.

The park is fully let with a low average passing rent of GBP8.28 per sq ft, which the Investment Manager believes provides strong potential for rental growth. Tenants include Sports Direct, Mecca Bingo, Fieldrose Ltd, trading as KFC, and the Danish furniture retailer, Jysk.

The park occupies a prominent location on the edge of the town centre within an established retail and leisure area. Neighbouring occupiers include Sainsburys, Aldi, Matalan, Pets at Home and Iceland as well as a council operated library and sports facility. Dewsbury has a tight supply of retail warehousing stock, with no current vacancies within the town.

Commenting on the sale, Laura Elkin, Portfolio Manager of AEW UK REIT said, " This latest acquisition supports our view that the current market continues to provide investment opportunities that deliver dividend accretive income streams while also providing future potential for capital growth. Our work undertaken on the tenants of the park has shown that they trade well from the location and we expect an attractive level of income to be sustained".

ENDS

 
 Enquiries 
 AEW UK 
 Laura Elkin                       laura.elkin@eu.aew.com 
                                   +44(0) 7917 058 337 
 Henry Butt                        h enry.butt@eu.aew.com 
                                   +44(0) 7920 499 076 
 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 Financial Conduct 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 28 individuals covering investment, asset management, operations and strategy. It is part of AEW Group, one of the world's largest real estate managers, with EUR88.2bn of assets under management as at 31 December 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 December 2021, AEW Group managed EUR38.5bn of real estate assets on behalf of a number of funds and separate accounts with over 450 staff located in 12 locations. In May 2019, AEW UK Investment Management LLP was awarded Property Manager of the Year at the Pensions and Investment Provider Awards.

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END

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June 10, 2022 02:00 ET (06:00 GMT)

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