AEW Europe has announced that it has contracted to purchase a distribution facility in the UK for EUR 68 mln on behalf of its value-added fund, European Property Investors Special Opportunities (EPISO). The 62,500-m[sup]2[/sup] distribution facility, known as the Bridge, is located in Dartford, Kent. The property was developed by Prologis in 2007 and is leased to Sainsbury's for a remaining term of 18.5 years.
AEW Europe has announced that it has contracted to purchase a distribution facility in the UK for EUR 68 mln on behalf of its value-added fund, European Property Investors Special Opportunities (EPISO). The 62,500-m2 distribution facility, known as the Bridge, is located in Dartford, Kent. The property was developed by Prologis in 2007 and is leased to Sainsbury's for a remaining term of 18.5 years.
Rob Reiskin, head of Investments for Europe commented, 'The combination of limited liquidity and the presence of motivated sellers is creating an interesting dynamic for those with access to capital and strong relationships. In this instance, we were able to buy a prime property at an attractive yield. Importantly, we were also able to secure debt finance on highly competitive terms.'
This is the third acquisition for the fund since it was launched in 2008. In the fourth quarter of 2008 EPISO teamed up with Mountgrange Investment Management to acquire a diversified retail, office and logistics portfolio of 28 properties in the UK for £126.2 mln (about EUR 140 mln). Around the same time the fund and Cleaveland Asset Management completed the acquisition of a mixed property portfolio in Paris for EUR 145.6 mln.
