AEW Europe has announced its fourth investment on behalf of its value-added fund, European Property Investors Special Opportunities (EPISO). The latest acquisition is a prime logistics unit in Central Park, in the UK city of Rugby. The asset totals 41,722 m[sup]2[/sup] and is let to Pearson Shared Services (guaranteed by Pearson) for a remaining lease term of about 10 years.
AEW Europe has announced its fourth investment on behalf of its value-added fund, European Property Investors Special Opportunities (EPISO). The latest acquisition is a prime logistics unit in Central Park, in the UK city of Rugby. The asset totals 41,722 m2 and is let to Pearson Shared Services (guaranteed by Pearson) for a remaining lease term of about 10 years.
AEW Europe purchased the freehold asset on behalf of the EPISO fund from Standard Life for £26.85 mln (EUR 28.6 mln), reflecting 9.1% net initial yield. The lease contains two fixed increases in rent. The unit was built to a high specification by Prologis in 2003 and has been extensively fitted out by Pearson to include an automated picking system. This is Pearson's headquartered distribution unit in the UK.
'This is the second in what we hope will be a series of acquisitions of high-quality distribution buildings bought at historically attractive price levels,' said Rob Reiskin, Head of Investments for AEW Europe.
Separately, AEW confirmed Christian Delaire will succeed François Pochard at the end of his term as CEO of the firm. Delaire will oversee the management of over EUR 17 bn in real estate assets.
