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REIT Acquires Bramall Court in Salford

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

AEW UK Long Lease REIT has purchased Bramall Court in Salford for £10.9 million.

The acquisition of the 94,290 sq ft site reflects a net initial yield of 5.35%.

The purpose-built student accommodation is located in Cannon Street and is 0.8 miles east of the main campus of the University of Salford. Bramall Court is let to Mears Group on a 24-year unexpired lease with annual rent reviews linked to the Consumer Price Index measure of inflation.

AEW UK Long Lease REIT has also snapped up an Audi showroom in Huddersfield for £6.3m.

Commenting on the deal, director of AEW UK Investment Management and portfolio manager of the REIT, Alex Short said: "We are delighted to have completed these acquisitions, further broadening the diversity of our investments."

"We continue to look for opportunities to create shareholder value through targeting alternative property sectors."