AEW UK REIT, the London-listed real estate investment trust, has agreed terms to sell its office asset located in Eastpoint Business Park, Oxford for approximately £37 mln (€44 mln).
The agreed sale price represents a significant premium to the carrying value of the asset at 31 March, and the company received a number of offers at similar levels, AEW said, after carrying out a marketing campaign to drive the sale.
The firm noted that the deal was subject, among other things, to the purchaser completing satisfactory due diligence and the parties agreeing definitive legal agreements for the sale.
Eastpoint Business Park was purchased by AEW in 2015 and comprises five self-contained office buildings refurbished in 2007 and comprising 75,000 ft2 (7,000 m2). The firm paid vendor Angle Property £8.2 mln for the asset, which was funded by Palmer Capital.
Tenants include Clarendon Business Centres and Genesis Care.
AEW UK owns a diversified portfolio of regional UK commercial property assets.
