Business
Disposal of Industrial Holding in Deeside
Disposal of Industrial Holding in Deeside.
About this update from Aew Uk Reit Plc
[{"type":"text","content":"\n\n9 May 2023\n \nAEW UK REIT plc\n \nDisposal of Industrial Holding in Deeside ahead of Valuation\n \n \nAEW UK REIT plc (LSE: AEWU) (\"AEWU\" or the \"Company\") is pleased to announce that it has completed the sale of its industrial holding at Deeside Industrial Estate for £4,750,000, reflecting a capital value of circa £49 per sq ft.\nThe 96,597 sq ft industrial unit, known as Excel 95, was acquired in July 2017 for £4,310,000 (circa £45 per sq ft), reflecting a 7.9% net initial yield. The property was let to Magellan Aerospace, until they vacated in July 2022, paying a £250,000 dilapidations settlement. The Company has disposed of the vacant asset to an owner-occupier, with the price reflecting a circa 8% premium to the 31 March 2023 valuation. By disposing of the asset, the Company has also avoided a speculative refurbishment project costing approximately £1 million. \nFollowing completion of the sale, the Company will have approximately £9.6 million to deploy on an attractive pipeline of higher yielding assets, which will be more accretive to the Company's earnings.\nLaura Elkin, Portfolio Manager, AEW UK REIT plc, commented: \"This disposal is yet another example of our successful strategy in action. Rather than carry out a lengthy refurbishment programme, we have taken the decision to recycle capital into attractive assets from our pipeline, which are expected to deliver a more accretive performance in the future. We expect to make further announcements in this respect in the coming months.\"\nENDS\n \n\n\n\n\nEnquiries\nAEW UK\n\n\n \n\n\n\n\nLaura Elkin\n\n\[email protected]\n\n\n\n\n \n\n\n+44(0) 20 7016 4869\n\n\n\n\nHenry Butt\n\n\[email protected]\n+44(0) 20 7016 4855\n\n\n\n\nNicki Gladstone\n\n\[email protected]\n\n\n\n\n \n\n\n+44(0) 7711 401 021\n\n\n\n\n \nCompany Secretary\n\n\n \[email protected]\n\n\n\n\nLink Company Matters Limited\n\n\n+44(0) 1392 477 500\n\n\n\n\n \n\n\n \n\n\n\n\nTB Cardew\n\n\[email protected]\n\n\n\n\nEd Orlebar\n\n\n+44 (0) 7738 724 630\n\n\n\n\nTania Wild\n\n\n+44 (0) 7425 536 903\n\n\n\n\nHenry Crane\n\n\n+44 (0) 7918 207157\n\n\n\n\n \n\n\n \n\n\n\n\nLiberum Capital\n\n\n \n\n\n\n\nDarren Vicke...