The park is located at a strategic and central location, approximately one kilometer away from Coventry city center and adjacent to Coventry Railway Station and the Friargate Regeneration area. The purchase price reflects a net initial yield of circa 11%, with an anticipated reversionary yield of circa 12.5%.
Central Six is highly accessible and provides 13,820 sq m of modern purpose-built retail space with parking for 635 cars. Units are let to retailers including TK Maxx, Next, Boots, Sports Direct, Burger King and Poundland. Coventry has one of the fastest growing populations in the UK outside of London.
Alex Short, Portfolio Manager, AEW UK REIT plc, commented: “We are pleased to have acquired Central Six Retail Park in Coventry, which has been purchased for a price that will deliver an excellent initial yield and contribute immediately to shareholder returns. We are pleased to add this asset to the portfolio and will continue to target acquisitions where we believe valuations offer the opportunity to deliver both strong income and capital performance.”
