An international real estate management firm has completed two property deals in the South West as it looks to grow its UK portfolio.
AEW, which has offices in Boston, London, Paris and Hong Kong, has brought in a change to its investment strategy for its UK Core Property Fund. The international firm said it seeks to capitalise on market inefficiencies and acquire attractively priced and high-quality multi-sector commercial real estate at the margins of prime locations across the UK.
Through this AEW has invested £8.9m in properties in Bath and Bristol, alongside £32.2m of investment in two other UK locations.
Barton Court, in Bath, has been acquired for £8.25m. The site in the heart of the city provides 54,074 sq ft over basement, ground and three upper floors with a mix of retail and offices; with its retail anchor being Anthropologie and the office is anchored by Stone King LLP.
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Following the acquisition of Armourers House in Bristol in February 2022, the fund has acquired the adjoining interest to the property, 3 Queens Square, for £705,000 which will assist in delivering high quality refurbished office accommodation.
Elsewhere, in Southampton the company bought Hythe Marine Park, a 12.6 acre freehold marine services industrial estate, with an additional 33 acres of foreshore held on a long leasehold basis, for £14m. AEW also purchased Harbour Island in London's Canary Wharf for £18.2m.
Richard Tanner, senior portfolio manager said: “We are very excited about the evolution of what is now called the AEW UK Core Plus Property Fund, which will allow us to take advantage of the price dislocations we are seeing in the commercial property market. The high yielding acquisitions recently completed are evidence of our commitment to seeking out attractively priced properties where we can leverage our proven active management capabilities and deliver value for both investors and tenants.”
Lewis and Partners acted for AEW at Canary Wharf whilst Cyril Leonard represented the vendor. In Hythe HSP acted for AEW whilst Lambert Smith Hampton represented the vendor and in Bath AEW were represented by Savills whilst Jackson Criss acted for the vendor.
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