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Case studies

Spectrum

Mead Way

Key asset management highlights

  • Acquired by AEW in November 2014
  • Prominent location
  • Sir Norman Foster designed building
  • Purchased off a low capital value
  • Listed building so no empty rates payable
  • New letting to Coopers Tires of c.209,000 sq ft
  • Exploring long term expansion land

Property characteristics

Property NameSpectrum

Property FundAEW UK Core Property Fund

Property Type Industrial

Area259,628 sq ft

Lease

TenantsMulti-Let

Lease expiryMay 2020

X

Grandstand Road

Wakefield

Key asset management highlights

  • Acquired by AEW in September 2013
  • Strong distribution location
  • Purchased off a low capital value
  • Sale of the surplus offices to West Yorkshire Police for substantial valuation upside.
  • Lease surrendered and re-granted to the subtenant at higher rent than previous passing rent.
  • Freehold purchased
  • Exploring long term expansion land

Property characteristics

Property FundAEW UK Core Property Fund

Property Type Industrial

Lease

TenantsSingle Let

Lease expiryMay 2020

X

James House

York

Key asset management highlights

  • SOLD September 2016 
  • Acquired by AEW in December 2013
  • Incoming producing freehold for £2.1m, let to the Secretary of State
  • Attractive yield and low capital value on purchase.
  • Exploited changes in planning laws to sell to a residential developer for £3.2m in 2016
  • £1.1 m profit, an IRR over 30%

Property characteristics

Property FundAEW UK Core Property Fund

Property Type Offices

Lease

TenantsSecretary of State on purchase

Lease expiryVacant on disposal

X

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