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AEW UK REIT acquires leisure park, industrial property for £22.5m

Monday, 26th March 2018
AEW UK REIT said it had acquired the eastern section of London East Leisure Park in Dagenham and an industrial unit let to Plastipak UK in Wrexham for a combined price of £22.5m.

To complete the acquisitions, the company drew £10m from its existing loan facility with RBS International, which matures in October 2020.

The facility amount had now been been increased to enable the company to utilise the facility up to £60m.

Fund manager Alex Short said the acquisitions brought the company's debt levels back in line with its long-term loan-to-value target of 25%.

'The company has now completed four acquisitions so far this year totalling around £39m, providing a combined net initial yield of 8.6%, which is supportive of our target annual dividend of 8p per share,' Short said.

'We are encouraged by the strength of our current pipeline and are confident that the buying opportunities that the company has been taking advantage of since IPO persist.'




At 2:16pm: (LON:AEWU) AEW UK REIT Plc share price was 0p at 96p



Story provided by StockMarketWire.com

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