Business
AEW UK REIT acquires Wakefield business park
AEW UK REIT acquires Wakefield business park.
About this update from Aew Uk Reit Plc
[{"type":"text","content":"\n \nRNS Number : 4767E AEW UK REIT PLC 09 February 2018 \n\n09 February 2018 \nAEW UK REIT acquires Wakefield business park for £4.2m\nAEW UK REIT plc (\"the Company\"), which directly owns a diversified portfolio of regional UK commercial property assets, is pleased to announce the acquisition of Diamond Business Park in Wakefield for £4.2m. \nThe 201,543 sq ft multi-let property has a Net Initial Yield of 11.5% and comprises an industrial and office element. On the industrial side, there are 13 units totalling 172,584 sq ft leased to a range of companies including CB Imports Ltd and Compac UK Ltd. The 27,098 sq ft office space is subdivided into smaller suites. The main occupant is AFI-Uplift, the supplier of powered access lift machinery. The total property has a weighted average unexpired lease term (WAULT) of 3 years to break and 6 years to expiry.\nThe large site benefits from being situated in Wakefield, an established industrial location. The business park is strategically located at the intersection of the M1/M62 motorways, providing access to Manchester, Liverpool, Sheffield and beyond to London.\nAlex Short, Portfolio Manager, AEW UK REIT, commented: \"The key attractions to purchasing the park were its high yield and the relatively low capital value per sq ft. The site looks particularly valuable as it is located in an area of the country lacking in availability of similar industrial space. The relatively short unexpired lease length allows us to actively manage the estate which we hope will grow the income stream from the property going forward. The office element also creates the potential to add value via change of use in the long term.\"\nENDS\nAbout AEW UK REIT \nAEW UK REIT plc (LSE: AEWU) aims to deliver an attractive total return to shareholders by investing predominantly in smaller commercial properties (typically less than £10 million), on shorter occupational leases in strong commercial locations across the United Kingdom. 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. \nThe 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. \...