Sale of Barnstaple Retail Park
Summary by AI BETAClose X
9 November 2026
AEW UK REIT plc
Sale of Barnstaple Retail Park for £8.15 million
AEW UK REIT plc (“AEWU” or the “Company”) is pleased to announce the sale of Barnstaple Retail Park for £8.15 million (£160 per sq. ft.), reflecting a net initial yield of 7.5%.
The 51,000 sq. ft. retail warehouse park was acquired in October 2015 for £6.79 million (£133 per sq. ft.), reflecting a net initial yield of 8.5%. The sale price represents a premium of £1.36 million, or 20% to the purchase price, with landlord capital expenditure of approximately £230,000 over the ownership period.
During the Company’s ownership, the Manager delivered several asset management initiatives that increased income and strengthened the park’s tenant profile. These included lettings to Wren Kitchens and Farmfoods, alongside a lease regear with anchor tenant B&Q. The regear secured a 15-year term certain and increased annual rent by £80,280, contributing to a £900,000 uplift in the property’s valuation in December 2025, equivalent to approximately 12%.
With the next lease event not due until 2029 and rental income broadly in line with market levels, the Manager considers there to be limited scope for further income growth in the short to medium term. Having substantially completed the business plan, the sale crystallises the value created through active asset management and represents a positive outcome for shareholders.
Sale proceeds will be reinvested in the Company’s higher-yielding investment pipeline, in line with its active capital allocation strategy. This is expected to enhance earnings once the acquisitions complete.
Laura Elkin, Portfolio Manager of AEW UK REIT plc, commented: "The sale of Barnstaple demonstrates our strategy in action: buy well, create value through active asset management, and sell well to reinvest in higher-yielding opportunities with scope to add value and grow income. Through new lettings and the B&Q lease regear, we have materially enhanced the asset’s income profile and investor appeal. With the business plan substantially complete and limited scope for further income growth in the near term, the sale crystallises the value created and enables us to redeploy capital into investments that we expect to enhance Company earnings. We expect to announce acquisitions in the coming months.”
ENDS
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AEW UK Laura Elkin Henry Butt |
laura.elkin@eu.aew.com
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AEW Investor Relations |
investor_relations@eu.aew.com |
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Company Secretary |
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MUFG Corporate Governance Limited |
aewu.cosec@cm.mpms.mufg.com |
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Cardew Group |
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Ed Orlebar Tania Wild |
+44 (0) 7738 724 630 +44 (0) 7425 536 903
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Panmure Liberum |
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Darren Vickers |
+44 (0) 20 3100 2222 |
Notes to Editors
About AEW UK REIT
AEW UK REIT plc (LSE: AEWU) aims to deliver an attractive total return to shareholders by investing predominantly in smaller commercial properties (typically less than £15 million), on shorter occupational leases in strong commercial locations across the United Kingdom. The Company is currently invested in office, retail, industrial and leisure assets, with a focus on active asset management, repositioning the properties and improving the quality of income streams. AEWU is currently paying an annualised dividend of 8p per share.
The Company was listed on the Official List of the Financial Conduct Authority and admitted to trading on the Main Market of the London Stock Exchange on 12 May 2015. www.aewukreit.com
LEI: 21380073LDXHV2LP5K50
About AEW
AEW is one of the world’s largest real estate asset managers with €73.2 billion of assets under management as at 30 June 2026. AEW has over 815 employees globally, with its main offices located in Boston, London, Paris and Hong Kong and offers a wide range of real estate investment products including comingled funds, separate accounts and securities mandates across the full spectrum of investment strategies. AEW represents the real estate asset management platform of Natixis Investment Managers, one of the largest asset managers in the world.
As at 30 June 2026, AEW managed €34.8bn of real estate assets in Europe on behalf of a number of funds and separate accounts. AEW has over 500 employees based in 11 offices across Europe and has a long track record of successfully implementing Core, Value-Add and Opportunistic investment strategies on behalf of its clients. In the last five years, AEW has invested and divested a total volume of over €13bn of real estate across European markets.
AEW UK Investment Management LLP is the Investment Manager. AEW is a group of companies that includes AEW Europe and its subsidiaries, as well as affiliated company AEW Capital Management, L.P. in North America and its subsidiaries. AEW Europe, together with its subsidiaries AEW UK Investment Management LLP, AEW S.à.r.l., AEW Invest GmbH, and AEW SAS, is a European real estate investment manager with headquarters offices in Paris and London. AEW Europe and AEW Capital Management, L.P. are owned by Natixis Investment Managers. Natixis Investment Managers is an international asset management group based in Paris, France, that is principally owned by Natixis, a French investment banking and financial services firm. Natixis is principally owned by BPCE, France's second-largest banking group.
Disclaimer
This communication cannot be relied upon as the basis on which to make a decision to invest in AEWU. This communication does not constitute an invitation or inducement to subscribe to any particular investment. Issued by AEW UK Investment Management LLP, 8 Bishopsgate, London, EC2N 4BQ.
Company number: OC367686 England. Authorised and regulated by the Financial Conduct Authority
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