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AEW UK Core Property Fund bags tea factory in Crewe

By Kasmira Jefford - Tuesday, October 10, 2017 14:04

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AEW’s UK Core Property Fund has bought a former tea factory located in Crewe, Cheshire, for £10.4m.

The property reflects a net initial yield of 9.7% and has a weighted average unexpired lease term of 4.6 years to expiry.

The 345,563 sq ft asset is made up of two warehouse units which are multi-let to off-licence chain Bargain Booze and Brightstar 20:20 Limited. The Old Tea Factory occupies a prominent site fronting Weston Road (A532), very close to Crewe Railway station.

This latest acquisition follows recent purchases of warehouse units in Walsall and a former cinema in Uxbridge for a total of £6.1m.

Richard Tanner, AEW UK Core Property Fund Portfolio Manager, said: “We’re delighted to have completed this latest acquisition and look ahead to a strong pipeline of opportunities going into 2018.”

The fund’s outstanding performance was recently recognised by the Association of Real Estate Funds (AREF), which presented AEW UK Core Property Fund with the award for best performance over 5 years for risk adjusted relative return.

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