AEW Europe and joint venture partner, Mountgrange Investment Management, have exited an investment in the UK at a yield of 7 percent. UK firm, F&C Reit is the purchaser.
The pair have sold a retail warehouse after agreeing a rent review with DIY chain, B&Q, earlier in the year.
“This deal shows the strong resurgence of interest in well located, well let property in the UK”, said Merrick Marshall, executive director at AEW Europe in London. Rob West, a partner at Mountgrange and the asset manager for the joint venture, said the price achieved was in excess of the asking price and provided investors with “good returns”.
The managers did not reveal the return, however.
It is the third exit from the joint venture, which acquired the B&Q store as part of a portfolio of 28 properties in 2008.