Urban Real Estate Fund (UREF), AEW’s UK value-add urban retail property fund has acquired Windsor Royal Station and 1 Thames Street for £18.5m (€21.4m).
AEW said the 74,200sqft shopping centre in Windsor is adjacent to Windsor Yards Shopping Centre, which was acquired by UREF in 2021.
In July last year, AEW raised £171m for UREF as it received equity commitments from institutional investors and had also secured an initial £30m debt facility. At the time, AEW said UREF had already invested £133m in nine retail assets.
AEW said the acquisition of the Windsor Yards Shopping Centre completes the acquisition phase of the UREF.
Charles Royle, portfolio manager of UREF, said: “We are pleased to have secured the purchase of Windsor Royal, which completes the acquisition phase of the Fund. Windsor Royal is our second asset in Windsor having acquired Windsor Yards in 2021.
“We look forward to continuing the proposed transformation of Windsor town centre in partnership with occupiers, local stakeholders and the Royal Borough of Windsor and Maidenhead.”
To read the latest edition of the latest IPE Real Assets magazine click here.