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21 Feb 2019 | 09:59

AEW UK Long Lease REIT acquires nursery property in Southampton for £2.1m

AEW UK Long Lease REIT said Thursday it had acquired a nursery property in central Southampton for £2.1m.

The acquisition, reflecting a net initial yield of 5.9%, was the company's second this year and was funded by proceeds from the company's recently extended debt facility with Canada Life.

The 8,097 square foot property comprised a nursery facility forming part of the Centenary Quay development, which had seen the addition of some 1,500 new homes since 2012, the company said. 'This latest acquisition provides AEWL with exposure to a growing sector of the commercial property market and improved diversification,' the company said. 'The income stream provided by this asset, secured against this long running, well known charity, looks particularly attractive considering the high net initial yield which will be accretive to our dividend.' 'Annual rental uplifts in line with the Consumer Price Index will provide regular income growth to our investors'.

At 9:59am: (LON:AEWL) AEW UK Long Lease Reit Plc share price was +0.1p at 90.5p

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