AEW UK REIT sells two industrial assets in England for £16.7m
AEW UK REIT plc, a British real estate investment trust, said that it has divested a couple of industrial assets in England to an undisclosed buyer for £16.7 million.
The assets involved in the sale are Units 16 and 16A, Langthwaite Industrial Estate in South Kirkby and Wella Warehouse in Basingstoke.
AEW UK REIT said that it had wrapped up the sale of the South Kirkby asset last week, while Basingstoke has exchanged with completion contingent on freeholder consent.
According to the real estate investment trust, the sites are single let with a combined area of 278,428sft, and are located in strong regional locations.
The two assets have a combined rental income of £1,177,087 per annum.
AEW UK REIT said that the two sales will deliver considerable profit by surpassing their most recent valuations and the prices the company paid during their acquisition.
Alex Short — Portfolio Manager of AEW UK REIT said: “The two assets in South Kirkby and Basingstoke have performed well and delivered excellent returns to AEWU shareholders over the last few years, as AEWU has enjoyed the benefits of an overall heavy weighting towards the industrial sector.
“The value of the properties has climbed significantly, and we believe now is the time to realize this profit and reinvest the proceeds into new exciting opportunities that we are seeing in the market.”