A core UK real estate fund managed by AEW has acquired a 355,979sqft industrial estate in Wolverhampton for £12.8m (€15m).

The AEW UK Core Property Fund has bought the multi-let Four Ashes Industrial Estate on Station Road from an unnamed vendor.

Michael Shears, an executive director at AEW, said: “Given that take up and demand in Wolverhampton’s industrial market currently outstrips supply, we believe the acquisition of Four Ashes provides a great opportunity for the fund and its investors.

“In addition to the site’s asset management potential, we believe the attractive fundamentals and diverse tenant base aligns with the strategy of the fund, as well as reducing income risk.”

Agents acting for AEW were Cushman and Wakefield whilst Savills represented the vendor.

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