AEW UK REIT (AEWU) has sold two industrial assets, Units 16 & 16A, Langthwaite Industrial Estate in South Kirkby and Wella Warehouse in Basingstoke, UK for a total of £16.7 mln (€20 mln).
The sale of South Kirkby completed on 20 August, whilst Basingstoke has exchanged with completion subject to freeholder consent.
The sites are single let, totalling 278,428 ft2 (25,870 m2) in size, and are situated in strong regional locations. The combined rental income of the two properties is £1,177,087 per annum.
Both sales will deliver significant profit by exceeding their most recent valuations and the prices AEWU paid at acquisition, the firm reported.
Commenting on the sales, Alex Short, portfolio manager of AEW UK REIT said: 'The two assets in South Kirkby and Basingstoke have performed well and delivered excellent returns to AEWU shareholders over the last few years, as AEWU has enjoyed the benefits of an overall heavy weighting towards the industrial sector.
'The value of the properties has climbed significantly, and we believe now is the time to realise this profit and reinvest the proceeds into new exciting opportunities that we are seeing in the market.'
