The 15,553 sq ft retail property is situated within the prime pedestrianised pitch of Commercial Road within Portsmouth’s city centre. The property is also directly opposite the main covered shopping centre, The Cascades, which is anchored by Primark, H&M, Next and Marks and Spencer.
As part of the ‘Shaping Portsmouth’ development initiative, the city is set to receive £1 billion of investment from both public and private sector organisations over the next 20 years.
Alex Short, portfolio manager, AEW UK REIT, said: “We are pleased to have completed this latest acquisition which we expect to prove accretive to the Company’s yield both on an initial and equivalent basis. When acquiring High Street retail assets we appraise a conservative scenario and therefore we were attracted by both the central location of these units and also the asset management and lease renewal opportunities that the asset provides. The addition of this property complements our existing portfolio and we are pleased to be investing again following the completion of our successful capital raise in October.”
Last month AEW UK REIT announced that it had raised £28.1m through the initial issue of the Share Issuance Programme, as described in the prospectus published by the company on September 28.
Source: CoStar
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