AEW has announced that its Urban Real Estate Fund (UREF) has acquired a 74,200 sq ft shopping area next to its Windsor Yards centre for £18.5 million.
The investor has bought Windsor Royal Station and 1 Thames Street which adjoins the Windsor Yards shopping centre it acquired via UREF in 2021. The deal reflects a net income yield of 9.6 per cent.
AEW’s new acquisition forms part of Windsor & Eton Central station and is opposite Windsor Castle. The site’s prime location and Windsor’s consistent high levels of footfall as a strong tourist attraction offers AEW the opportunity to capitalise on resilient retailer performance.
It benefits from Windsor’s growing night-time economy. Occupiers including Five Guys and All Bar One have already extended their opening hours to exploit the new market.
Charles Royle, portfolio manager of UREF, said: “We are pleased to have secured the purchase of Windsor Royal, which completes the acquisition phase of the Fund.
“Windsor Royal is our second asset in Windsor having acquired Windsor Yards in 2021. We look forward to continuing the proposed transformation of Windsor town centre in partnership with occupiers, local stakeholders and the Royal Borough of Windsor and Maidenhead.”
TT&G acted for AEW while JLL represented the vendor.
Image: Windsor Royal Station by Stephen McKay, CC BY-SA 2.0 <https://creativecommons.org/licenses/by-sa/2.0>, via Wikimedia Commons
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