AEW’s UK real estate investment business has acquired a £25.1m (€29m) leisure and entertainment centre in Birmingham.
AEW UK Core Property Fund said it has bought the 3.14-acre Fiveways Entertainment Centre on Broad Street, let to 11 leisure tenants with a combined weighted average unexpired lease term of over 11 years to expiry.
Edward Long, director at AEW, said Birmingham has seen a renaissance over the past 10 years, with significant developments such as Grand Central, Birmingham Library, Brindley Place, and numerous office and residential schemes.
“We believe the fundamentals remain very attractive, with Birmingham’s growing young professional and student population driving demand for entertainment and residential accommodation. COVID-19 restrictions have had a huge impact on the leisure sector, however, leisure is fundamental to people’s well-being across all demographics.
”Leisure activities are no longer just for special occasions, most UK consumers regard leisure as an integral part of daily life. As such, we look forward to COVID-19 restrictions lifting and a return to normality and anticipate a strong bounce back in the leisure sector.”
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