AEW UK REIT plc: AEW UK REIT acquires Leeds industrial estate (776471)
15 February 2019 - 9:05PM
UK Regulatory
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release.
AEW UK REIT plc (AEWU)
AEW UK REIT plc: AEW UK REIT acquires Leeds industrial estate
15-Feb-2019 / 10:04 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
15 February 2019
AEW UK REIT acquires Leeds industrial estate for GBP7.3m
AEW UK REIT plc ("the Company") is pleased to announce that it has acquired
an industrial asset, Lockwood Court, Parkside Industrial Estate in Leeds for
a gross purchase price of GBP7.3m, reflecting an attractive initial yield of
7.7%.
The 187,794 sq ft warehouse asset is fully let to LWS Yorkshire Ltd, a
logistics and storage provider for Harrogate Spring Water, on a 10 year
lease from October 2018. The lease provides a low passing rent of GBP3.22 per
sq ft which, together with tight supply, forms a strong base for future
potential rental growth.
Located two miles south of Leeds City Centre and close to J25 of the M62 and
J40 of the M1, Parkside Industrial Estate is a well-established industrial
and commercial area with a history of attracting regional and national
occupiers.
Alex Short, Portfolio Manager, AEW UK REIT, commented: "This latest
acquisition is a very attractive addition to the portfolio due to both its
high income return and potential for value growth in the future. Offering a
low passing rent and located in an area of high tenant demand with limited
property supply, the asset fundamentals mirror those of the portfolio's
strongest performing industrials from which we saw capital value growth of
2.8% during Q4 last year alone. These low rented industrial assets now make
up over 45% of the portfolios holdings."
Following the acquisition of this property the Company's borrowings now show
a gross loan to value of 25.0%. The Company's holdings comprise a
diversified portfolio of regional UK commercial property assets showing
exposure to the major property sectors in line with the weightings shown
below. As per the Company's Investment Restrictions, maximum exposure to any
of the below sectors at the time of purchase is 50%.
Industrial 47.1%
Office 21.7%
Retail 16.0%
Other 15.2%
ENDS
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 GBP10 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 the income stream.
www.aewukreit.com [1]
About AEW UK Investment Management LLP
AEW UK Investment Management LLP employs a well-resourced team comprising 23
individuals covering investment, asset management, operations and strategy.
It is part of AEW Group, one of the world's largest real estate managers,
with just over EUR63.5bn of assets under management as at 30 September 2018.
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 30 September 2018, AEW Group managed nearly EUR30bn in value in
properties of all types, with close to 400 staff located in 9 offices. The
Investment Manager is a 50:50 joint venture between the principals of the
Investment Manager and AEW.
AEW UK Enquiries
Alex Short alex.short@eu.aew.com
Laura Elkin laura.elkin@eu.aew.com
Media Enquiries
Nicki Gladstone nicki.gladstone-ext@eu.aew.com
+44 (0)7711 401021
TB Cardew (Financial PR advisor) aew@tbcardew.com
Ed Orlebar +44 (0) 7738 724630
Emma Crawshaw +44 (0) 7971 468 308
Lucy Featherstone +44 (0) 7789 374663
About AEW
AEW is one of the world's largest real estate asset managers, with EUR63.5bn
of assets under management as at 30 September 2018. AEW has over 600
employees, with its main offices located in Boston, London, Paris and Hong
Kong and offers a wide range of real estate investment products including
comingled funds, separate accounts and securities mandates across the full
spectrum of investment strategies. AEW represents the real estate asset
management platform of Natixis Investment Managers, one of the largest asset
managers in the world.
As at 30 September 2018, AEW managed almost EUR30bn of real estate assets in
Europe on behalf of a number of funds and separate accounts. AEW has close
to 400 employees based in 9 offices across Europe and has a long track
record of successfully implementing Core, Value-Add and Opportunistic
investment strategies on behalf of its clients. In the last five years, AEW
has invested and divested a total volume of over EUR20bn of real estate
across European markets.
Disclaimer
This communication cannot be relied upon as the basis on which to make a
decision to invest in the Company. This communication does not constitute an
invitation or inducement to subscribe to any particular investment.
ISIN: GB00BWD24154
Category Code: ACQ
TIDM: AEWU
LEI Code: 21380073LDXHV2LP5K50
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 7509
EQS News ID: 776471
End of Announcement EQS News Service
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(END) Dow Jones Newswires
February 15, 2019 05:05 ET (10:05 GMT)
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