AEW UK Core Property Fund is pleased to announce it has sold an office building in Radlett and an industrial estate in Southam for a total of £15.8m.
Bridgefoot House is a 40,777 sq ft office building on Watling Street in Radlett, Hertfordshire. Originally purchased by AEW in 2012, it has been sold to Matterhorn Capital S2 Bridgefoot Limited for £9.8m. The sale of Bridgefoot House represents a net initial yield of 5.5%. The property offers a combination of office, production and storage accommodation alongside 123 car parking spaces and is let in its entirety to Alstom Transport UK Limited. AEW was advised by Tudor Toone, whilst Lambert Smith Hampton acted for the purchaser.
The second property sold was Kineton Road Industrial Estate in Southam, Warwickshire. It is located 7 miles from Leamington Spa. The 65,226 sq ft estate was purchased by AEW in 2012 and has been sold to a locally based packaging business for £6m. Bromwich Hardy advised on the sale.
Richard Tanner, Portfolio Manager, AEW UK Core Property Fund, said: “Having completed our asset management objectives with these properties, it was the right time to sell. The successful sales underline the high level of local demand. We continue to assess other investment opportunities that will complement our existing portfolio.”