Asset manager AEW's Urban Real Estate Fund (UREF) has acquired a shopping centre in Windsor, UK, in a deal which completes its acquisition phase.
UREF purchased the shopping centre, called Windsor Royal Station, for £18.5 mln (€22.5 mln), reflecting a net income yield of 9.6% and a WAULT of 6.5 years to break.
Located in the centre of Windsor, the 74,200 ft2 asset forms part of Windsor & Eton Central train station and stands opposite Windsor Castle.
The property directly adjoins Windsor Yards Shopping Centre, acquired by UREF in 2021.
Charles Royle, portfolio manager of UREF, said that following the acquisition of the two assets, the fund would now focus on 'continuing the proposed transformation of Windsor town centre in partnership with occupiers, local stakeholders and the Royal Borough of Windsor and Maidenhead'.
UREF completed its final close in 2022, having secured £171 mln of equity commitments from institutional investors and a £30 mln debt facility.
AEW was advised on the transaction by TT&G whilst JLL represented the vendor.
