AEW buys Windsor shopping centre
AEW has fully invested its Urban Real Estate Fund after buying another Windsor shopping centre.
UREF’s £18.5m deal for the shopping centre, which comprises Windsor Royal Station and 1 Thames Street, reflects a net income yield of 9.6% and a WAULT of 6.5 years to break.
The 74,200 sq ft shopping centre forms part of Windsor & Eton Central train station, opposite Windsor Castle. The bulk of the Windsor and Eton Central station was converted into a shopping centre in 1997 by the the long leaseholder, AXA.
AEW has fully invested its Urban Real Estate Fund after buying another Windsor shopping centre.
UREF’s £18.5m deal for the shopping centre, which comprises Windsor Royal Station and 1 Thames Street, reflects a net income yield of 9.6% and a WAULT of 6.5 years to break.
The 74,200 sq ft shopping centre forms part of Windsor & Eton Central train station, opposite Windsor Castle. The bulk of the Windsor and Eton Central station was converted into a shopping centre in 1997 by the the long leaseholder, AXA.
It is also next to the Windsor Yards shopping centre, which UREF bought in 2021.
UREF portfolio manager Charles Royle 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.”
In 2022, UREF completed its final close, after securing £171m of equity commitments from leading institutional investors and a £30m debt facility.
Agents acting for AEW were TT&G while JLL represented the vendor.
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