Business
AEW UK REIT dispose of high performing retail park
AEW UK REIT dispose of high performing retail park.
About this update from Aew Uk Reit Plc
[{"type":"text","content":"\n \nRNS Number : 8924R AEW UK REIT PLC 27 September 2017 \n\n27 September 2017 \n \nAEW UK REIT plc completes disposal of Belfast Valley Retail Park for £11.05m\nAEW UK REIT plc (\"the Company\"), which directly owns a diversified portfolio of regional UK commercial property assets, is pleased to announce the sale of Valley Retail Park, Newtonabbey, Belfast for £11.05m to a Northern Ireland controlled Pension Fund. \nValley Retail Park comprises 7 modern purpose-built retail warehouse units and is currently fully let to 5 tenants providing a WAULT of 9 years to break and 11.5 years to expiry.\nThe Company originally purchased the 100,413 sq ft property for £7.1m in 2015 with a WAULT of only 3 years to break and vacancy in excess of 20%. The Company's proactive asset management activity has added significant value with new lettings to Go Outdoors for a 20 year term and Smyths Toys for a term of 15 years.\nAlex Short, Portfolio Manager, AEW UK REIT, commented: \"We have added substantial value to this property within a period of approximately 2 years, repositioning its offer with new retail anchor tenants and improving footfall. Due to the completion of the asset's business plan we feel that now is the most beneficial time to dispose of it, particularly given our pipeline of attractive investment opportunities for the Company.\"\nAEW UK REIT announced on 11 September 2017 that it intends to undertake a 12 month share issuance programme and is seeking to raise a target amount of £40m under the initial issue, with the ability to increase up to a maximum of £60m. Further details of the Initial Issue will be announced on the publication of the Prospectus, alongside a circular convening a general meeting to seek shareholder approval for the Issuance Programme, later this month, subject to receipt of regulatory approvals. Subject to shareholder approval, the new Shares under the Initial Issue will be issued and commence trading by the end of October 2017.\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 adm...