Business
AEW Long Lease REIT acquires Camberley Premier Inn
AEW Long Lease REIT acquires Camberley Premier Inn.
About this update from Alternative Income Reit Plc
[{"type":"text","content":"\n \nRNS Number : 8752Q AEW UK Long Lease REIT PLC 15 September 2017 \n\n15 September 2017 \nAEW UK Long Lease REIT acquires Camberley Premier Inn for £8.5m\nAEW UK Long Lease REIT plc (\"the Company\") is pleased to announce the acquisition of the Premier Inn hotel on 12-16 Park Street, Camberley for £8.5m. The 43,468 sq ft hotel constructed in 2012 provides an unexpired lease term of 15 years to break and 20 years to expiry, with five yearly CPI linked reviews and has been acquired for a price reflecting a net initial yield of 5.0%. The 95-bed property occupies a prominent position on the corner of Park Road and London Road (A30) directly opposite the rear entrance to the Royal Military Academy Sandhurst. \nAlex Short, Director of AEW UK Investment Management LLP, and Portfolio Manager of the Company said: \"We're delighted, further to our announcement last week, with the successful acquisition of a second hotel and in particular in this affluent, south east location. This is in line with our strategy to invest in properties for which the investment is strongly under pinned by the alternative use value, which in this case is residential, subject to planning consent. We continue to see a robust supply of opportunity in a diverse range of property sectors and as such our portfolio pipeline remains strong.\" \nThis announcement follows the recent acquisition of a Travelodge hotel and Salvation Army centre in Swindon for £6.3m, along with the exchange of a Wet 'n' Wild Water Park in Newcastle-upon-Tyne for £2.9m. The company has a further five assets under offer, with a combined value in excess of c £30m and expects to make additional announcements in the coming weeks. \nAEW UK Long Lease REIT plc raised £80.5m from institutional and retail investors at its IPO in June and at that time it stated its expectation to substantially invest the net proceeds within nine months of listing. The Company is targeting an annual dividend of 5.5 pence per share paid quarterly, once fully invested and levered, with an ambition to grow in line with UK inflation thereafter.\nAEW UK\n\n\n\n\nAlex Short\n\n\[email protected]\n\n\n\n\n \n \nLaura Elkin\n\n\n+44(0) 207 016 4880\n \[email protected]\n\n\n\n\n \n \nNicki Gladstone\n\n\n+44(0) 207 016 4869\n \[email protected]...