AEW Core Fund Buys Five More UK Properties
1 UK Core Property Fund, an open-end fund sponsored by AEW UK, has bought an additional five properties for its portfolio. It has now purchased seven assets for £126 million (€157 million) and has a further £7.5 million (€9.3 million) of properties under offer. “As a value investor we are investing in good quality real estate at the margins of prime locations, aiming to generate high prospective returns over the next three to five years,” says Richard Tanner, fund director for the UK Core Property Fund. “Many of these assets are attractively priced from distressed vendors, offering higher initial and reversionary yields.” The recent purchases, in Kingston, Pontefract, Reading, Scunthorpe and Swansea, comprise retail warehouse, High Street retail, office, industrial and leisure assets.